1. (a) A receiver appointed under Section 283.208, acting in the same manner as the county, may:

   1. (1) take possession of the project;
   2. (2) maintain the project; and
   3. (3) collect and receive revenues received from the project.

2. (b) The receiver shall dispose of and apply revenues:

   1. (1) according to the obligations of the county under the bond instrument; and
   2. (2) as directed by a court.

Acts 1995, 74th Leg., ch. 165, Sec. 1, eff. Sept. 1, 1995.