State Codes and Statutes

Statutes > Utah > Title-63h > Chapter-02 > 63h-2-404

63H-2-404. Obligee rights -- Board may confer other rights.
(1) In addition to a right that is conferred on an obligee of an authority bond under thischapter and subject to contractual restrictions binding on the obligee, an obligee may:
(a) by mandamus, suit, action, or other proceeding:
(i) compel the authority and its board, officers, agents, or employees to perform everyterm, provision, and covenant contained in a contract of the authority with or for the benefit ofthe obligee; and
(ii) require the authority to carry out the covenants and agreements of the authority and tofulfill the duties imposed on the authority by this part; and
(b) by suit, action, or proceeding in equity, enjoin an act or things that may be unlawfulor violate the rights of the obligee.
(2) (a) In a resolution authorizing the issuance of an authority bond or in a trustindenture, mortgage, lease, or other contract, the board may confer upon an obligee holding orrepresenting a specified amount in an authority bond, a right described in Subsection (2)(b):
(i) to accrue upon the happening of an event or default prescribed in the resolution,indenture, mortgage, lease, or other contract; and
(ii) to be exercised by suit, action, or proceeding in a court of competent jurisdiction.
(b) (i) A right that the board may confer under Subsection (2)(a) is a right to:
(A) cause possession of all or part of a qualifying transmission project to be surrenderedto an obligee;
(B) obtain the appointment of a receiver of all or part of:
(I) a qualifying transmission project; and
(II) the rents and profits from a qualifying transmission project; and
(C) require the authority, its board, and its employees to account as if the authority,board, and employees were the trustees of an express trust.
(ii) If a receiver is appointed through the exercise of a right granted under Subsection(2)(b)(i)(B), the receiver:
(A) may:
(I) enter and take possession of a qualifying transmission project or any part of thequalifying transmission project;
(II) operate and maintain the qualifying transmission project; and
(III) collect and receive the fees, rents, revenues, or other charges arising from thequalifying transmission project after the receiver's appointment; and
(B) shall:
(I) keep money collected as receiver for the authority in one or more separate accounts;and
(II) apply the money collected as receiver pursuant to the authority obligations as thecourt directs.

Enacted by Chapter 378, 2009 General Session