73-3d-403. Security requirements.
129 words·~1 min read·
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Effective 5/3/2023
73-3d-403. Security requirements.
(1)As a condition of participating in mediation or arbitration under Section 73-3d-402 , a person specified in the executive order declaring a temporary water shortage emergency shall post with the department a corporate surety bond, irrevocable letter of credit, trust fund agreement, or any other security agreement considered reasonable in an amount not less than $100,000.
(2)The bond or other security posted shall be conditioned upon:
(a)the faithful performance in mediation or arbitration; and
(b)the payment of amounts owed under Section 73-3d-402 .
(3)If the department determines that the conditions of Subsection
(2)are not met, the commissioner of the department shall bring an action upon the bond or other security.
Enacted by Chapter 126 , 2023 General Session