Section 502 – Sources from which bonds may be made payable — Lake authority powers regarding bonds.
Effective 5/4/2022 11-65-502. Sources from which bonds may be made payable — Lake authority powers regarding bonds. (1) The principal and interest on bonds issued by the lake authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income and revenues of […]
Section 503 – Purchase of lake authority bonds.
Effective 5/4/2022 11-65-503. Purchase of lake authority bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by the lake authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to […]
Section 504 – Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
Effective 5/4/2022 11-65-504. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability. (1) A member of the board or other person executing a lake authority bond is not liable personally on the bond. (2) (a) A bond issued by the lake authority is not a general obligation or liability of […]
Section 505 – Obligee rights — Board may confer other rights.
Effective 5/4/2022 11-65-505. Obligee rights — Board may confer other rights. (1) In addition to all other rights that are conferred on an obligee of a bond issued by the lake authority under this part, and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, […]
Section 506 – Bonds exempt from taxes — Lake authority may purchase its own bonds.
Effective 5/4/2022 11-65-506. Bonds exempt from taxes — Lake authority may purchase its own bonds. (1) A bond issued by the lake authority under this part is issued for an essential public and governmental purpose and is, together with interest on and income from the bond, exempt from all state taxes except the corporate franchise […]
Section 601 – Annual lake authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file annual budget.
Effective 5/4/2022 11-65-601. Annual lake authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file annual budget. (1) The board shall prepare and adopt for the lake authority an annual budget of revenues and expenditures for each fiscal year. (2) An annual lake authority budget shall be adopted before […]
Section 602 – Amending the lake authority annual budget.
Effective 5/4/2022 11-65-602. Amending the lake authority annual budget. (1) The board may by resolution amend an annual lake authority budget. (2) An amendment of the annual lake authority budget that would increase the total expenditures may be made only after a public hearing following notice published as required for initial adoption of the annual […]
Section 402 – Public meetings to consider and discuss draft project area plan — Notice — Adoption of plan.
Effective 5/4/2022 11-65-402. Public meetings to consider and discuss draft project area plan — Notice — Adoption of plan. (1) The lake authority board shall hold at least two public meetings to: (a) receive public comment on the draft project area plan; and (b) consider and discuss the draft project area plan. (2) At least […]
Section 403 – Notice of project area plan adoption — Effective date of plan — Time limit on challenge to plan or project area.
Effective 5/4/2022 11-65-403. Notice of project area plan adoption — Effective date of plan — Time limit on challenge to plan or project area. (1) Upon the board’s adoption of a project area plan, the board shall provide notice as provided in Subsection (2) by publishing or causing to be published legal notice as required […]
Section 206 – Applicability of other law — Cooperation of state and local governments — Authority of other agencies not affected — Attorney general to provide legal services.
Effective 5/4/2022 11-65-206. Applicability of other law — Cooperation of state and local governments — Authority of other agencies not affected — Attorney general to provide legal services. (1) The lake authority is subject to and governed by Sections 63E-2-106, 63E-2-107, 63E-2-108, 63E-2-109, 63E-2-110, and 63E-2-111, but is not otherwise subject to or governed by […]