53B-13-105 - Agreements with bondholders unalterable. - Utah Statutes

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53B-13-105. Agreements with bondholders unalterable.
(1) Neither limitations or alterations of the rights vested in the board to fulfill the terms ofan agreement made with bondholders nor impairment of the rights and remedies of thosebondholders may occur until: (a) the bonds, together with interest on the bonds and interest onunpaid installments of interest are met and discharged; and (b) all costs and expenses inconnection with an action or proceeding by or on behalf of those bondholders are met anddischarged.
(2) The board may include provisions to this effect in an agreement with the holders ofthe bonds.

Enacted by Chapter 167, 1987 General Session

State Codes and Statutes

Statutes > Utah > Title-53b > Chapter-13 > 53b-13-105

53B-13-105. Agreements with bondholders unalterable.
(1) Neither limitations or alterations of the rights vested in the board to fulfill the terms ofan agreement made with bondholders nor impairment of the rights and remedies of thosebondholders may occur until: (a) the bonds, together with interest on the bonds and interest onunpaid installments of interest are met and discharged; and (b) all costs and expenses inconnection with an action or proceeding by or on behalf of those bondholders are met anddischarged.
(2) The board may include provisions to this effect in an agreement with the holders ofthe bonds.

Enacted by Chapter 167, 1987 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-53b > Chapter-13 > 53b-13-105

53B-13-105. Agreements with bondholders unalterable.
(1) Neither limitations or alterations of the rights vested in the board to fulfill the terms ofan agreement made with bondholders nor impairment of the rights and remedies of thosebondholders may occur until: (a) the bonds, together with interest on the bonds and interest onunpaid installments of interest are met and discharged; and (b) all costs and expenses inconnection with an action or proceeding by or on behalf of those bondholders are met anddischarged.
(2) The board may include provisions to this effect in an agreement with the holders ofthe bonds.

Enacted by Chapter 167, 1987 General Session