Section 315 – Legal investment status.
63B-11-315. Legal investment status. Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations. Enacted by Chapter 278, 2002 General Session
Section 316 – Publication of resolution or notice — Limitation on actions to contest legality.
63B-11-316. Publication of resolution or notice — Limitation on actions to contest legality. (1) The commission may: (a) publish any resolution it adopts under this chapter: (i) once in a newspaper having general circulation in Utah; and (ii) as required in Section 45-1-101; or (b) in lieu of publishing the entire resolution, publish a notice […]
Section 317 – Report to Legislature.
63B-11-317. Report to Legislature. The governor shall report the commission’s proceedings to each annual general session of the Legislature in his budget for as long as bonds issued under this chapter remain outstanding. Enacted by Chapter 278, 2002 General Session
Section 312 – Refunding of bonds.
63B-11-312. Refunding of bonds. (1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act. (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state of Utah is considered the public body and the commission its governing body. […]
Section 313 – Certification of satisfaction of conditions precedent — Conclusiveness.
63B-11-313. Certification of satisfaction of conditions precedent — Conclusiveness. (1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied. (2) A recital on any bond of this finding and certification conclusively establishes the completion and satisfaction of […]
Section 314 – Tax exemption.
63B-11-314. Tax exemption. The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax. Enacted by Chapter 278, 2002 General Session
Section 307 – Tax levy — Abatement of tax.
63B-11-307. Tax levy — Abatement of tax. (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay: (a) applicable bond redemption premiums, if any; (b) interest on […]
Section 308 – Creation of sinking fund.
63B-11-308. Creation of sinking fund. (1) There is created a sinking fund, to be administered by the state treasurer, entitled the “2002 Highway General Obligation Bonds Sinking Fund.” (2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds. (3) The proceeds of all taxes […]
Section 309 – Payment of interest, principal, and redemption premiums.
63B-11-309. Payment of interest, principal, and redemption premiums. (1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds. (2) After receipt of the warrants, the state treasurer shall: (a) promptly pay the warrants from funds within the sinking fund; and (b) […]
Section 310 – Investment of sinking fund money.
63B-11-310. Investment of sinking fund money. (1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is created. (2) Unless otherwise provided in the resolution of […]