17D-2-503 - Proceedings for the issuance of local building authority bonds. - Utah Statutes

17D-2-503. Proceedings for the issuance of local building authority bonds.
The proceeding under which a local building authority is authorized to issue bonds underthis part may:
(1) contain any agreement or provision customarily contained in an instrument securingbonds, including a provision regarding:
(a) the fixing and collection of lease payments for a project covered by the bondproceeding;
(b) the terms to be incorporated in the lease agreement with respect to the project;
(c) the operation, maintenance, and insurance of the project;
(d) the creation and maintenance of a reserve fund from the proceeds of the sale of bondsor from lease payment revenue; and
(e) any rights and remedies available to the holders of the bonds or to the trustee, in theevent of a default, that the authority board of the local building authority determines inaccordance with this part;
(2) provide for the appointment of a trust company or bank, located inside or outside thestate, as trustee; and
(3) provide that upon default in the payment of the principal of or interest on the bondsor in the performance of any covenant or agreement contained in the proceedings, the payment orperformance may be enforced by the appointment of a receiver for the project, with power:
(a) to rent or lease some or all of the property;
(b) to charge and collect rent; and
(c) to apply revenue from the project in accordance with the bond proceeding.

Enacted by Chapter 360, 2008 General Session