2006 Utah Code - 17A-3-237 — Subrogation of governing entity for payments from guaranty or reserve fund.

     17A-3-237.   Subrogation of governing entity for payments from guaranty or reserve fund.
     If a governing entity has paid under its guaranty and out of its guaranty fund or reserve fund any sum on account of principal or interest on the special improvement bonds or interim warrants of any special improvement district, it shall be subrogated to the rights of the holders of the bonds, warrants, or interest coupons paid, and the bonds, warrants, or coupons and the proceeds from them shall become a part of the special improvement guaranty fund or reserve fund, as applicable.

Amended by Chapter 214, 1990 General Session
Renumbered and Amended by Chapter 186, 1990 General Session