Section 803 – Program eligibility — Option to forego guaranty.
Effective 5/14/2019 53G-4-803. Program eligibility — Option to forego guaranty. (1) (a) Any local school board may request that the state treasurer issue a certificate evidencing eligibility for the state’s guaranty under this part. (b) After reviewing the request, if the state treasurer determines that the local school board is eligible, the state treasurer shall […]
Section 804 – Fiscal solvency of school districts — Duties of state treasurer and attorney general.
Effective 5/14/2019 53G-4-804. Fiscal solvency of school districts — Duties of state treasurer and attorney general. (1) The state superintendent shall: (a) monitor the financial affairs and condition of each local school board in the state to evaluate each local school board’s financial solvency; and (b) report immediately to the governor and state treasurer any […]
Section 805 – Business administrator duties — Paying agent to provide notice — State treasurer to execute transfer to paying agents — Effect of transfer.
Effective 5/14/2019 53G-4-805. Business administrator duties — Paying agent to provide notice — State treasurer to execute transfer to paying agents — Effect of transfer. (1) (a) The business administrator of each local school board with outstanding, unpaid bonds shall transfer money sufficient for the scheduled debt service payment to its paying agent at least […]
Section 806 – State financial assistance intercept mechanism — State treasurer duties — Interest and penalty provisions.
Effective 5/14/2019 53G-4-806. State financial assistance intercept mechanism — State treasurer duties — Interest and penalty provisions. (1) (a) If one or more payments on bonds are made by the state treasurer as provided in Section 53G-4-805, the state treasurer shall: (i) immediately intercept any payments from the Uniform School Fund or from any other […]
Section 605 – Testing validity of bonds to be refunded — Procedure.
Effective 5/14/2019 53G-4-605. Testing validity of bonds to be refunded — Procedure. If considered advisable by the local school board, the validity of any bonds intended to be refunded may be determined in the following manner: (1) The local school board shall: (a) publish a notice describing with sufficient particularity for identification the bond or […]
Section 606 – Sinking fund — Investment.
Effective 5/14/2019 53G-4-606. Sinking fund — Investment. (1) The money levied and collected to create a sinking fund for the redemption of bonds issued by a local school board shall be immediately credited to a special fund. (2) After retaining an amount sufficient to pay the principal of the bonds maturing during the year, the […]
Section 607 – Bonds a lien on property — Levy of tax to pay bonds.
Effective 1/24/2018 53G-4-607. Bonds a lien on property — Levy of tax to pay bonds. (1) Bonds issued under this part are a lien upon the taxable property of the school district issuing them. (2) If the local school board neglects or refuses to cause a tax to be levied in accordance with law to […]
Section 608 – Requirement to conduct seismic safety evaluations when issuing a bond.
Affected by 63I-1-253 on 1/1/2025 Effective 1/24/2018 53G-4-608. Requirement to conduct seismic safety evaluations when issuing a bond. (1) As used in this section: (a) “Federal guidelines” means guidelines and procedures specified in “Rapid Visual Screening of Buildings for Potential Seismic Hazards: A Handbook, 2nd Edition” published by the United States Federal Emergency Management Agency. […]
Section 702 – School board reserve fund.
Effective 1/24/2018 53G-4-702. School board reserve fund. Each local school board may establish and maintain a reserve fund to accumulate funds to meet the capital outlay costs of the school district, including costs for planning, constructing, replacing, improving, equipping, and furnishing school buildings and purchasing school sites. Renumbered and Amended by Chapter 3, 2018 General […]
Section 703 – Revenues to be allocated to fund.
Effective 1/24/2018 53G-4-703. Revenues to be allocated to fund. A local school board may annually allocate to the fund any revenues from the state which are made available for capital outlay purposes, and not otherwise earmarked, and such other revenues as the school district may raise locally for this purpose. Renumbered and Amended by Chapter […]