Utah Code 10-2-603. Plan of consolidation
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Terms Used In Utah Code 10-2-603
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Municipality: means :(5)(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;(5)(b) a town, as classified in Section
10-2-301 ; or(5)(c) a preliminary municipality incorporated under Chapter 2a, Part 5, Incorporation of a Preliminary Municipality. See Utah Code 10-1-104- Property: includes both real and personal property. See Utah Code 68-3-12.5
The resolution for consolidation shall have attached a plan approved by the governing bodies, properly executed by the mayors and attested by the recorders setting forth the nature of the obligations, assets, and liabilities of the municipalities to be included within the proposed consolidated municipality. The plan shall include a list of every public utility or property on which any debt is owed or due, all or any part of which is payable from the revenues of the utility or property, or from taxes which have been levied and which are outstanding at the time the proposed consolidation is to become effective. The plan shall also specify the rights, duties, and obligations of the proposed consolidated municipality.