(a) At the request of the commission, the attorney general shall bring an action for the appointment of a receiver to collect the assets and carry on the business of the district if the district:
(1) received three consecutive audit reports with anything other than an unqualified or clean opinion;
(2) completed five consecutive fiscal years at a net loss;
(3) has defaulted on more than one financial debt obligation;
(4) has a director or agent who has been convicted of or has pleaded guilty or nolo contendere to a civil or criminal offense related to the management or governance of the district; or
(5) violates a final judgment issued by a district court in an action brought by the attorney general under:
(A) this chapter;
(B) Chapter 7, 13, 49, or 65, Water Code;
(C) Chapter 341, Health and Safety Code;
(D) laws governing the selection, monitoring, or review and evaluation of professional services, vendors, or contractors for construction or improvement projects; or
(E) a rule adopted or order issued under any statute listed in this subdivision.
(b) The court shall appoint a receiver if an appointment is necessary to:
(1) guarantee the collection of assessments, fees, penalties, or interest;
(2) guarantee continuous and adequate service to the customers of the district; or
(3) prevent continued or repeated violations of a court order or final commission order.