Section 405 – Validity of prior bond issues.
11-14-405. Validity of prior bond issues. All bonds issued by any local political subdivision before May 1, 2006, and all proceedings had in the authorization and issuance of those bonds are hereby validated, ratified, and confirmed, and all those bonds are declared to constitute legally binding obligations in accordance with their terms. Nothing in this […]
Section 406 – Application of chapter.
11-14-406. Application of chapter. Sections 11-14-201, 11-14-202, 11-14-203, 11-14-204, 11-14-205, and 11-14-207 shall apply to all bond elections held by any local political subdivision and, except as otherwise provided in Section 11-14-402, by any other taxing district or governmental entity whether or not the bonds are issued under authority granted by this chapter. Amended by […]
Section 501 – Creation and perfection of government security interests.
Effective 5/12/2020 11-14-501. Creation and perfection of government security interests. (1) As used in this section: (a) “Bonds” means any bond, note, lease, or other obligation of a governmental unit. (b) (i) “General obligation bond” means a bond, note, warrant, certificate of indebtedness, or other obligation of a local political subdivision that: (A) is payable […]
Section 313 – Issuance of negotiable notes or bonds authorized — Limitation on amount of tax anticipation notes or bonds — Procedure.
11-14-313. Issuance of negotiable notes or bonds authorized — Limitation on amount of tax anticipation notes or bonds — Procedure. (1) (a) For the purpose of meeting the current expenses of the local political subdivision and for any other purpose for which funds of the local political subdivision may be expended, a local political subdivision […]
Section 314 – Tax anticipation obligations validated.
11-14-314. Tax anticipation obligations validated. All obligations issued in anticipation of the collection of taxes and other revenues by any local political subdivision before May 1, 2006, and all proceedings had in the authorization and issuance of them are validated, ratified, and confirmed; and all these obligations are declared to constitute legally binding obligations in […]
Section 315 – Nature and validity of bonds issued — Applicability of other statutory provisions — Budget provision required — Applicable procedures for issuance.
Effective 5/5/2021 11-14-315. Nature and validity of bonds issued — Applicability of other statutory provisions — Budget provision required — Applicable procedures for issuance. Bonds issued under this chapter shall have all the qualities of negotiable paper, shall be incontestable in the hands of bona fide purchasers or holders for value and are not invalid […]
Section 316 – Publication of notice, resolution, or other proceeding — Contest.
11-14-316. Publication of notice, resolution, or other proceeding — Contest. (1) The governing body of any local political subdivision may provide for the publication of any resolution or other proceeding adopted under this chapter: (a) in a newspaper having general circulation in the local political subdivision; and (b) as required in Section 45-1-101. (2) When […]
Section 317 – Bonds as legal investments — Use as security for the faithful performance of acts.
11-14-317. Bonds as legal investments — Use as security for the faithful performance of acts. (1) All bonds issued under this chapter or other applicable law shall be legal investments for: (a) all trust funds, including those under the jurisdiction of the state; (b) the funds of all insurance companies, banks, and both commercial and […]
Section 318 – Public hearing required.
Effective 7/1/2021 11-14-318. Public hearing required. (1) Before issuing bonds authorized under this chapter, a local political subdivision shall: (a) in accordance with Subsection (2), provide public notice of the local political subdivision’s intent to issue bonds; and (b) hold a public hearing: (i) if an election is required under this chapter: (A) no sooner […]
Section 401 – Short title — Title to appear on face of bonds — Effect of future statutes dealing with municipal bond issues.
11-14-401. Short title — Title to appear on face of bonds — Effect of future statutes dealing with municipal bond issues. (1) This chapter is known as the “Local Government Bonding Act.” (2) All bonds issued pursuant to authority contained in this chapter shall contain on their face a recital to that effect, and no […]