State Codes and Statutes

Statutes > Utah > Title-72 > Chapter-11 > 72-11-109

72-11-109. Revenues from operation to be pledged to payment of bonds and usedfor costs of operation and maintenance.
(1) Any resolution or trust indenture authorizing the issuance of the revenue bonds shallprovide that all toll rates and charges and fees imposed for the use of all transportation, visitorcare and accommodations, recreational and other facilities and all services, the revenues of whichare pledged to the payment of revenue bonds authorized hereunder, shall be at all times fixed inthe amounts as will yield sufficient revenues to pay principal of and interest on the bonds, tomaintain the necessary reserves in connection therewith and to pay the annual cost of operationand maintenance of any of the facilities.
(2) The committee may in the resolution or trust indenture pledge to the payment of theprincipal of and interest on the revenue bonds all or part of the revenues arising from theoperation of all transportation, visitor care and accommodations, recreational and other facilities,and all services operated by the commission in connection with the Wasatch Mountain State Park,whether or not acquired with the proceeds of the revenue bonds, after there shall have been paidfrom the revenues the annual costs of operation and maintenance of all the facilities, includingnecessary costs of insurance.
(3) The committee may also in the resolution or trust indenture reserve the right to issuebonds on a parity with the bonds authorized by the resolution or indenture under the terms andconditions as may be provided therein.
(4) After and subject to the payment of annual operating and maintenance expenses andinsurance costs, the bond redemption and interest payments, including reserves therefor, shallconstitute a first lien on all the rates, tolls and charges, and other revenues received from the useand operation of the project or projects for the acquisition and construction of which the revenuebonds were issued, and of any other revenue received from the operation of facilities inconnection with the Wasatch Mountain State Park that may be pledged by the committee assecurity for the payment of the revenue bonds and interest for this project or projects.

Renumbered and Amended by Chapter 270, 1998 General Session