10-2-605 - Effect of plan of consolidation. - Utah Statutes

10-2-605. Effect of plan of consolidation.
The plan of consolidation shall be subordinate in all respects to the contract rights of allholders of any securities or obligations of the municipality outstanding at the effective date of theconsolidation. The plan shall be available to the public for inspection and copying. The plan mayextend for a period of up to 20 years, except that those provisions necessary for the protection ofthe holders of any securities or other obligations of any municipalities being consolidated shallextend for such longer time as may be necessary to ensure the payment of the securities andobligations. Any person may enforce the provisions and terms of the plan during the period inwhich the plan is effective. After the expiration of the period of the plan, the rights, duties andobligations stated in the plan shall be governed by the laws of the State of Utah and not by theplan. The plan shall be effective only if the consolidation is approved by the voters of therespective municipalities to be consolidated.

Enacted by Chapter 48, 1977 General Session