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96.720 Receiver.

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96.720 Receiver. If there is a default in the payment of the principal or interest of any bonds issued <br>pursuant to KRS 96.550 to 96.900, any court having jurisdiction may, upon the petition of <br>the holders of not less than twenty-five percent (25%) of the outstanding bonds, appoint a <br>receiver to administer said electric plant on behalf of the board, with power to charge and <br>collect rates sufficient to provide for the payment of any bonds or obligations outstanding <br>against said electric plant and for the payment of the operating expenses and to apply the <br>income and revenues in conformity with KRS 96.550 to 96.900. History: Created 1942 Ky. Acts ch. 18, sec. 13.