85-9-304. Appointment of receiver -- assessments. (1) If a plan is not presented on or before the date set by the court, the court shall appoint a receiver to terminate the affairs of the district under the supervision of the court.

(2) Upon the appointment of a receiver, all authority of the directors ceases. However, until dissolution, the receiver has authority to levy assessments for:

(a) the payment of obligations of the district; and

(b) the costs of termination.

(3) The directors or, if there is a receiver, the receiver, with the approval of the court, shall make assessments each year in an amount large enough to retire the obligations of the district.

(4) If a receiver has been appointed, the receiver shall direct, under court supervision, the disposition of all assessments collected.