Nevada § 350.666 - Receivers: Appointment; powers and duties

§ 350.666. Receivers: Appointment; powers and duties

1. If an ordinance of the governing body authorizing or providing for the issuance

of any municipal securities of any series or any other proceedings appertaining thereto

contains a provision authorized by subsection 19 of NRS 350.660 and further provides in substance that any trustee appointed pursuant to subsection

16 of NRS 350.660 shall have the powers provided by that subsection, then such trustee, whether or

not all of the bonds or other securities of such series have been declared due and

payable, shall be entitled as of right to the appointment of a receiver of the facilities

appertaining thereto. 2. Any receiver appointed as permitted by subsection 19 of NRS 350.660 may enter upon and take possession of the facilities and property appertaining thereto,

and, subject to any pledge or contract with the holders of such securities, shall

take possession of all moneys and other property derived from or applicable to the

acquisition, operation, maintenance or improvement of the facilities and proceed with

such acquisition, operation, maintenance or improvement which the governing body on

the behalf of the municipality is under any obligation to do, and operate, maintain,

equip and improve the facilities, and fix, charge, collect, enforce and receive the

service charges and all revenues thereafter arising subject to any pledge thereof

or contract with the holders of such securities relating thereto and perform the public

duties and carry out the contracts and obligations of the municipality in the same

manner as the governing body itself might do and under the direction of the court.