Trust indentures or other security instruments; trustees; receivers

The authority may, in any authorizing resolution of the board, trust indenture or other security instrument relating to its bonds issued pursuant to this chapter, provide for the appointment of a trustee who shall have such powers as are provided therein to represent the registered owners of any issue of bonds in the enforcement or protection of their rights under any such resolution, trust indenture or security instrument. The authority may also provide in such resolution, trust indenture or other security instrument that the trustee may petition the court of proper jurisdiction for the appointment of a receiver of the authority’s systems, the revenues of which are pledged to the payment of the principal of and interest on the bonds of such registered owners. In the event that the appointed trustee fails or declines to protect and enforce the registered owners’ rights, a percentage of the registered owners as set forth in, and subject to the provisions of, such resolution, trust indenture or other security instrument may petition the court of proper jurisdiction according to this section. Such receiver may exercise any power granted in any such resolution, trust indenture or security instrument to enter upon and take possession of, acquire, construct, reconstruct or operate and maintain such system, fix charges for services of the system and enforce collection thereof, receive all revenues derived from such system or facilities, and perform the public duties and carry out the contracts and obligations of the authority in the same manner as the authority itself might do, all under the direction of such court.