11-25-14 - Trust to secure bonds -- Contents of agreement or bond resolution -- Indemnity bonds or securities -- Expenses of trust. - Utah Statutes

11-25-14. Trust to secure bonds -- Contents of agreement or bond resolution --Indemnity bonds or securities -- Expenses of trust.
In the discretion of the agency, any bonds issued under the provisions of this part may besecured by a trust agreement by and between the agency and a corporate trustee or trustees, whichmay be any trust company or bank having the powers of a trust company within or without thisstate. The trust agreement or the resolution providing for the issuance of bonds may pledge orassign the revenues to be received or proceeds of any contract or contracts pledged, and mayconvey or mortgage any residence the rehabilitation of which is to be financed out of theproceeds of the bonds. Such trust agreement or resolution providing for the issuance of bondsmay contain such provisions for protecting and enforcing the rights and remedies of thebondholders as may be reasonable and proper and not in violation of law, including suchprovisions as may be included in any resolution or resolutions of the agency authorizing theissuance of bonds. Any bank or trust company doing business under the laws of this state whichmay act as depositary of the proceeds of bonds or of revenues or other money may furnish suchindemnity bonds or pledge such securities as may be required by the agency. Any trust agreementmay set forth the rights and remedies of the bondholders and of the trustee or trustees, and mayrestrict the individual rights of action by bondholders. In addition to the foregoing, any trustagreement or resolution may contain such other provisions as the agency may deem reasonableand proper for the security of the bondholders. All expenses incurred in carrying out theprovisions of the trust agreement or resolution may be created as a part of the cost of residentialrehabilitation.

Enacted by Chapter 276, 1977 General Session