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) […]
Section 608 – Reducing assessments after issuance of refunding assessment bonds.
11-42-608. Reducing assessments after issuance of refunding assessment bonds. (1) Each local entity that issues refunding assessment bonds shall adopt a resolution or ordinance amending the assessment resolution or assessment ordinance previously adopted. (2) Each amending resolution or ordinance under Subsection (1) shall: (a) reduce, as determined by the local entity’s governing body: (i) the […]
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 603 – Sources of payment for interim warrants and bond anticipation notes.
11-42-603. Sources of payment for interim warrants and bond anticipation notes. Each local entity that has issued interim warrants or bond anticipation notes shall pay the warrants or notes from: (1) proceeds from the sale of assessment bonds; (2) cash the local entity receives from the payment for improvements; (3) assessments; (4) improvement revenues that […]
Section 604 – Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes.
Effective 5/13/2014 11-42-604. Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes. (1) A local entity may publish notice, as provided in Subsection (2), of a resolution or ordinance that the governing body has adopted authorizing the issuance of […]
Section 601 – Interim warrants.
11-42-601. Interim warrants. (1) A local entity may issue interim warrants against an assessment area. (2) An interim warrant may be in any amount up to: (a) as portions of the work on improvements in an assessment area are completed, 90% of the value of the completed work, as estimated by the local entity’s project […]
Section 602 – Bond anticipation notes.
11-42-602. Bond anticipation notes. (1) A local entity may by resolution authorize the issuance of bond anticipation notes. (2) A local entity may use the proceeds from the issuance of bond anticipation notes to pay: (a) the estimated acquisition and contract price; (b) the property price; (c) capitalized interest; and (d) related costs, including overhead […]