Utah Code 10-2-605. Effect of plan of consolidation
Terms Used In Utah Code 10-2-605
- Contract: A legal written agreement that becomes binding when signed.
- 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- Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 10-1-104
- 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
The plan of consolidation shall be subordinate in all respects to the contract rights of all holders of any securities or obligations of the municipality outstanding at the effective date of the consolidation. The plan shall be available to the public for inspection and copying. The plan may extend for a period of up to 20 years, except that those provisions necessary for the protection of the holders of any securities or other obligations of any municipalities being consolidated shall extend for such longer time as may be necessary to ensure the payment of the securities and obligations. Any person may enforce the provisions and terms of the plan during the period in which the plan is effective. After the expiration of the period of the plan, the rights, duties and obligations stated in the plan shall be governed by the laws of the State of Utah and not by the plan. The plan shall be effective only if the consolidation is approved by the voters of the respective municipalities to be consolidated.