19-6-504 - Assurance of sufficient revenue to pay bonds. - Utah Statutes

19-6-504. Assurance of sufficient revenue to pay bonds.
(1) If a public entity issues bonds to finance a solid waste management facility and thebonds mature more than 10 years after the bonded facility begins operation, the public entityowning the facility or the public entity or entities contracting for solid waste managementservices with the owner of the facility shall assure that a supply of solid waste will be available tothe facility in quantities sufficient to generate enough income, together with all other sources ofrevenue pledged for payment of the bonds, to pay all principal and interest on the bonds duringthe term of the bonded indebtedness. The assurance may take the form of:
(a) long-term contracts, at least equal to the period of the bonded indebtedness, withother public entities or other persons to supply enough solid waste to the facility to retire thebonded indebtedness of the facility; or
(b) ordinances, franchises, or other forms of regulation requiring that sufficient quantitiesof solid waste be delivered to the facility for disposal.
(2) The department shall make rules for periodic reporting by any public entity thatestablishes ordinances, franchises, or other forms of regulation pursuant to Subsection (1). Thereports shall include information about the quantities of solid waste being received by the facilityand whether the charges made for processing the solid waste, together with all other sources ofrevenue pledged for the payment of principal and interest on the bonds, are sufficient to meet thedebt-service on the bonds.

Renumbered and Amended by Chapter 112, 1991 General Session