Utah Code 53B-13-105. Agreements with bondholders unalterable
Current as of: 2024 | Check for updates
|
Other versions
(1) Neither limitations or alterations of the rights vested in the board to fulfill the terms of an agreement made with bondholders nor impairment of the rights and remedies of those bondholders may occur until:
Terms Used In Utah Code 53B-13-105
- Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
- Bonds: means the bonds authorized to be issued by the board under this chapter, and may consist of bonds, notes, or debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money of the board pledged for repayment. See Utah Code 53B-13-102
(1)(a) the bonds, together with interest on the bonds and interest on unpaid installments of interest are met and discharged; and
(1)(b) all costs and expenses in connection with an action or proceeding by or on behalf of those bondholders are met and discharged.
(2) The board may include provisions to this effect in an agreement with the holders of the bonds.