Section 706 – Validation of prior guaranty fund or reserve fund proceedings.
11-42-706. Validation of prior guaranty fund or reserve fund proceedings. (1) Subject to Subsection (2), all proceedings before April 30, 2007 related to the creation, maintenance, and use of a guaranty fund or reserve fund are validated, ratified, and confirmed. (2) Nothing in this section may be construed to affect the validity of a guaranty […]
Section 609 – Validation of previously issued obligations.
11-42-609. Validation of previously issued obligations. (1) Subject to Subsection (2): (a) all local entity obligations issued by a local entity before April 30, 2007 are: (i) validated, ratified, and confirmed; and (ii) declared to constitute legally binding obligations in accordance with their terms; and (b) all proceedings before April 30, 2007 related to the […]
Section 701 – Guaranty fund.
11-42-701. Guaranty fund. (1) Except as provided in Section 11-42-702, each local entity that issues assessment bonds shall: (a) create a guaranty fund, as provided in this section, to secure bonds, to the extent of the money in the fund; and (b) fund the guaranty fund by: (i) appropriations from the local entity’s general fund; […]
Section 702 – Reserve fund.
11-42-702. Reserve fund. (1) In lieu of creating and funding a guaranty fund under Section 11-42-701 for an issue of assessment bonds or refunding assessment bonds, a local entity may establish a reserve fund to secure the issue. (2) If a local entity establishes a reserve fund under this section: (a) the bonds secured by […]
Section 703 – Payment from guaranty fund or reserve fund if insufficient funds available in the assessment fund — Payment by warrant from guaranty fund or reserve fund — Subrogation.
11-42-703. Payment from guaranty fund or reserve fund if insufficient funds available in the assessment fund — Payment by warrant from guaranty fund or reserve fund — Subrogation. (1) If a bond is presented to the local entity for payment at a time when there is insufficient money in the assessment fund to pay the […]
Section 704 – Transfers from local entity funds to replenish guaranty fund or reserve fund.
11-42-704. Transfers from local entity funds to replenish guaranty fund or reserve fund. If the guaranty fund or, if applicable, the reserve fund has insufficient money for the local entity to purchase property on which it bids at a sale under Part 5, Assessment Liens, for delinquent assessments, the local entity may transfer or appropriate […]
Section 705 – Warrants to meet guaranty fund and reserve fund liabilities — Levy to pay warrants authorized — Limit on the levy.
11-42-705. Warrants to meet guaranty fund and reserve fund liabilities — Levy to pay warrants authorized — Limit on the levy. (1) A local entity may issue warrants, bearing interest at a rate determined by the governing body, against a guaranty fund or reserve fund to meet any financial liabilities accruing against the fund. (2) […]
Section 605 – Local entity may authorize the issuance of assessment bonds — Limit on amount of bonds — Features of assessment bonds.
11-42-605. Local entity may authorize the issuance of assessment bonds — Limit on amount of bonds — Features of assessment bonds. (1) After the 25-day prepayment period under Subsection 11-42-411(6) has passed or, if the 25-day prepayment period is waived under Section 11-42-104, after the assessment resolution or ordinance takes effect, a local entity may […]
Section 606 – Assessment bonds are not a local entity’s general obligation — Liability and responsibility of a local entity that issues assessment bonds.
11-42-606. Assessment bonds are not a local entity’s general obligation — Liability and responsibility of a local entity that issues assessment bonds. (1) Assessment bonds are not a general obligation of the local entity that issues them. (2) A local entity that issues assessment bonds: (a) may not be held liable for payment of the […]
Section 607 – Refunding assessment bonds.
11-42-607. Refunding assessment bonds. (1) A local entity may, by a resolution adopted by the governing body, authorize the issuance of refunding assessment bonds as provided in this section, in whole or in part, whether at or before the maturity of the prior bonds, at stated maturity, upon redemption, or declaration of maturity. (2) (a) […]