(A) In the event the municipality defaults in the payment of the principal or interest on any of the revenue bonds after it shall become due, whether at maturity or upon call for redemption, and the default continues for a period of 30 days, or in the event that the municipality of the governing body or officers, agents, or employees thereof, fail or refuse to comply with the provisions of sections 36.052 through 36.057, or shall default in any agreement made with the holders of the revenue bonds, any holder of revenue bonds, or trustee therefor, shall have the right to apply in an appropriate judicial proceeding to the circuit court in chancery, or any court of competent jurisdiction, for the appointment of a receiver of the enterprise, whether or not all revenue bonds have been declared due and payable and whether or not the holder or trustee therefor, is seeking or has sought to enforce any other right, or exercise any remedy in connection with the revenue bonds. Upon application the court may appoint a receiver of the enterprise with the following powers.
(1) The receiver so appointed shall forthwith, directly or by his agents and attorney, enter into and upon and take possession of the enterprise and each and every part thereof; may exclude the municipality, its governing body, officers, agents, and employees, and all person claiming under them wholly therefor; shall have, hold, use, operate, manage, and control the same and each and every part thereof, in the name of the municipality or otherwise, as the receiver may deem best; and shall exercise all the rights and powers of the municipality with respect to the enterprise as the municipality itself might do.
(2) The receiver shall maintain, restore, insure, and keep insured, the enterprise, and from time to time shall make all necessary or proper repairs, as the receiver may deem expedient; shall establish, levy, maintain, and collect the fees, tolls, rentals, and other charges in connection with the enterprise as the receiver may deem necessary or proper and reasonable; and shall collect and receive all revenues, deposit them in a separate account, and apply the revenues so collected and received in the manner as the court shall direct.
(B) Whenever all that is due on the revenue bonds, and interest thereon, and on any other notes, bonds, or other obligations, and interest thereon, having a charge, lien, or encumbrance on the revenues of the enterprise and under any of the terms of any covenants or agreements with bondholders, shall have been paid or deposited as provided therein, and all defaults shall have been cured and made good, the court may in its discretion, and after a notice and hearing as it deems reasonable and proper, direct the receiver to surrender possession of the enterprise to the municipality, with the same right of the holders of the revenue bonds to secure the appointment of a receiver upon any subsequent default, as hereinabove provided.
(C) The receiver shall, in the performance of the powers above conferred upon him act under the direction and supervision of the court making the appointment, and shall at all times be subject to the orders and decrees of the court, and may be removed thereby. Nothing herein contained shall limit or restrict the jurisdiction of the court to enter other and further orders and decrees as the court may deem necessary or appropriate for the exercise by the receiver of any functions specifically set forth herein.
(D) Notwithstanding anything in this section to the contrary, the receiver shall have no power to sell, assign, mortgage, or otherwise dispose of any assets of whatever kind or character belonging to the municipality and useful for the enterprise, but the authority of any receiver shall be limited to the operation and maintenance of the enterprise; and no court shall have jurisdiction to enter any order or decree requiring or permitting the receiver to sell, mortgage, or otherwise dispose of any such assets.
(Special Acts, Ch. 57-1754, § 179) ('58 Code, § 45.117)