Section 73-3d-403 - Security requirements(1) As a condition of participating in mediation or arbitration under Section 73-3d-402, a person specified in the executive order declaring a temporary water shortage emergency shall post with the department a corporate surety bond, irrevocable letter of credit, trust fund agreement, or any other security agreement considered reasonable in an amount not less than $100,000.(2) The bond or other security posted shall be conditioned upon:(a) the faithful performance in mediation or arbitration; and(b) the payment of amounts owed under Section 73-3d-402.(3) If the department determines that the conditions of Subsection (2) are not met, the commissioner of the department shall bring an action upon the bond or other security.Added by Chapter 126, 2023 General Session ,§ 13, eff. 5/3/2023.