17-17-125 - Covenants required of industries involved in construction or operation of waste treatment projects.
§ 17-17-125. Covenants required of industries involved in construction or operation of waste treatment projects.
Every agreement under either subsection (d) or (e) of Section 17-17-105 shall contain a covenant obligating the industry to effect the completion of the project if the proceeds of the bonds, including parity completion bonds, if any, prove insufficient, and each such lease/sale shall obligate the industry to make payments which shall be sufficient to:
(a) Pay the principal of and interest on the bonds issued for the project;
(b) Build and maintain any reserves deemed by the governing board to be advisable in connection therewith;
(c) Pay the costs of maintaining the project in good repair and the cost of keeping it properly insured;
(d) Provide proper, sufficient and adequate insurance to cover potential liability that could arise from project operation; and
(e) Provide detailed plans to guarantee an environmentally sound operation and post-closure management of a project.
Sources: Laws, 1981, ch. 527, § 13, eff from and after July 1, 1981.