2011 Utah Code
Title 19 Environmental Quality Code
Chapter 9 Hazardous Waste Facilities Management Act
Section 109 Security for obligations -- Provisions of security instruments.

19-9-109. Security for obligations -- Provisions of security instruments.
(1) The principal and interest on any obligation issued pursuant to this chapter shall be secured by:
(a) a pledge and assignment of the proceeds earned by the facility built and acquired with the proceeds of the obligations;
(b) a mortgage or trust deed on the facility built and acquired with the proceeds from the obligations; and
(c) such other security on the facility as is deemed most advantageous by the authority.
(2) Obligations authorized for issuance under this chapter and any mortgage or other security given to secure such obligations may contain any provisions customarily contained in security instruments, including:
(a) the fixing and collection of fees from the facility;
(b) the maintenance of insurance on the facility;
(c) the creation and maintenance of special funds to receive revenues earned by the facility; and
(d) the rights and remedies available to obligation holders in the event of default.
(3) All mortgages, trust deeds, security agreements, or trust indentures on a facility shall provide, in the event of foreclosure, that no deficiency judgment may be entered against the authority, the state, or any of the state's political subdivisions.
(4) Any mortgage or other security instrument securing such obligations may provide that in the event of a default in the payment of principal or interest or in the performance of any agreement, that payment or performance may be enforced by the appointment of a receiver with power to charge and collect fees and to apply the revenues from the facility in accordance with the provisions of the security instrument.
(5) Any mortgage or other security instrument made pursuant to this chapter may also provide that in the event of default in payment or breach of a condition, that the mortgage may be foreclosed or otherwise satisfied in any manner permitted by law, and that the trustee under the mortgage or the holder of any obligation secured by such mortgage may, if the highest bidder, purchase the security at foreclosure sale.