11-68-505. Obligee rights -- Board may confer other rights.
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Effective 5/3/2023
11-68-505. Obligee rights -- Board may confer other rights.
(1)In addition to all other rights that are conferred on an obligee of a bond issued by the authority under this part and subject to contractual restrictions binding on the obligee, an obligee may:
(a)by mandamus, suit, action, or other proceeding, compel the authority and the authority's board, officers, agents, or employees to perform every term, provision, and covenant contained in any contract of the authority with or for the benefit of the obligee, and require the authority to carry out the covenants and agreements of the authority and to fulfill all duties imposed on the authority by this part; and
(b)by suit, action, or proceeding in equity, enjoin any acts or things that may be unlawful or violate the rights of the obligee.
(2)In a board resolution authorizing the issuance of bonds or in a trust indenture, lease, or other contract, the board may confer upon an obligee holding or representing a specified amount in bonds, certain rights to receive the income, revenues, proceeds, funds, fees, rents, grants, or taxes.
Enacted by Chapter 502 , 2023 General Session