(1) This section
applies if a local government defaults in the payment of any principal money
or interest secured by a security.
(2) On petition of the
security holder the Supreme Court may appoint up to 3 receivers of the income
of the local government.
(3) A receiver so
appointed is an officer of the Supreme Court and is to act under the direction
of the Court.
(4) A receiver is
entitled to such remuneration as is fixed by the Supreme Court.
(5) The Supreme Court
may remove a receiver and may appoint a receiver in the place of a receiver
who has been removed or dies.