Effective 1/1/2023 11-14-301. Issuance of bonds by governing body — Computation of indebtedness under constitutional and statutory limitations. (1) If the governing body has declared the bond proposition to have carried and no contest has been filed, or if a contest has been filed and favorably terminated, the governing body may proceed to issue the […]
11-14-302. Resolution — Negotiability — Registration — Maturity — Interest — Payment — Redemption — Combining issues — Sale — Financing plan. (1) (a) Bonds issued under this chapter: (i) shall: (A) be authorized by resolution of the governing body; (B) be fully negotiable for all purposes; (C) mature at such time or times not […]
11-14-303. Bonds, notes, or other obligations of political subdivisions exempt from taxation except corporate franchise tax. All bonds, notes, or other obligations issued under this chapter or under any other law authorizing the issuance of bonds, notes, or indebtedness by a local political subdivision or any other political subdivision now existing or subsequently created under […]
11-14-304. Facsimile signatures and facsimile seal, use permitted — Validity of signed bonds. (1) If the use of a facsimile signature is authorized by the body empowered by law to authorize the issuance of the bonds or other obligations of any agency, instrumentality, or institution of this state or of any municipal corporation, political subdivision, […]
11-14-304.5. Recital in bonds — Incontestability. (1) In the resolution authorizing bonds to be issued as provided in this chapter or other applicable law, a local political subdivision may require that the bonds recite that they are issued under authority of this chapter or other applicable law. (2) (a) A bond recital as provided in […]
11-14-305. Registration, denominations, and exchange of obligations. (1) As used in this section, “obligations” means bonds, bond anticipation notes, and tax anticipation notes. (2) Unless otherwise provided by the local political subdivision, Title 15, Chapter 7, Registered Public Obligations Act, governs and applies to all obligations issued in registered form. If Title 15, Chapter 7, […]
11-14-306. Additional pledge for general obligation bonds — Revenue bonds — Resolution. (1) To the extent constitutionally permissible, local political subdivisions may pledge as an additional source of payment for their general obligation bonds all or any part of revenues, fees, and charges attributable to the operation or availability of facilities or may issue bonds […]
11-14-307. Revenue bonds payable out of excise tax revenues. (1) To the extent constitutionally permissible, a city, town, or county may: (a) issue bonds payable solely from a special fund into which are to be deposited: (i) excise taxes levied and collected by the city, town, or county; (ii) excise taxes levied by the state […]
11-14-308. Special service district bonds secured by federal mineral lease payments — Use of bond proceeds — Bond resolution — Nonimpairment of appropriation formula — Issuance of bonds. (1) Special service districts may: (a) issue bonds payable, in whole or in part, from federal mineral lease payments which are to be deposited into the Mineral […]
11-14-309. Refunding bonds — Limitation on redemption of bonds. (1) Any bond issued under this chapter may be refunded as provided in the Utah Refunding Bond Act. (2) Nothing contained in this chapter nor in any other law of this state may be construed to permit any local political subdivision to call outstanding bonds for […]
Effective 5/12/2020 11-14-310. General obligation bonds — Levy and collection of taxes. (1) (a) (i) Any bonds issued under this chapter that are not payable solely from revenues other than those derived from ad valorem taxes are full general obligations of the local political subdivision. (ii) The local political subdivision’s full faith and credit is […]
11-14-311. Bond anticipation notes. (1) (a) If the governing body considers it advisable and in the interests of the local political subdivision to anticipate the issuance of bonds to be issued under this chapter, the governing body may, pursuant to appropriate resolution, issue bond anticipation notes. (b) Each resolution authorizing the issuance of bond anticipation […]
11-14-312. Prior bonds validated — Exceptions. All bonds issued by any local political subdivision before May 1, 2006, and all proceedings had in the authorization and issuance of them are hereby validated, ratified, and confirmed; and all such bonds are declared to constitute legally binding obligations in accordance with their terms. Nothing in this section […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
