The proceeding under which a local building authority is authorized to issue bonds under this part may:
(1)
contain any agreement or provision customarily contained in an instrument securing bonds, including a provision regarding:
Terms Used In Utah Code 17D-2-503
Authority board: means the board of directors of a local building authority, as described in Section 17D-2-203. See Utah Code 17D-2-102
Bond: includes a bond, note, or other instrument issued under this chapter evidencing an indebtedness of a local building authority. See Utah Code 17D-2-102
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Project: means an improvement, facility, property, or appurtenance to property that a local entity is permitted under law to own or acquire, whether located inside or outside the local entity's boundary, including:
(a)
a public building or other structure of any kind; and
(b)
a joint or partial interest in the improvement, facility, property, or appurtenance to property. See Utah Code 17D-2-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Trustee: A person or institution holding and administering property in trust.
(a)
the fixing and collection of lease payments for a project covered by the bond proceeding;
(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 bonds or from lease payment revenue; and
(e)
any rights and remedies available to the holders of the bonds or to the trustee, in the event of a default, that the authority board of the local building authority determines in accordance with this part;
(2)
provide for the appointment of a trust company or bank, located inside or outside the state, as trustee; and
(3)
provide that upon default in the payment of the principal of or interest on the bonds or in the performance of any covenant or agreement contained in the proceedings, the payment or performance 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.
