Section 514 – Tax exemption.
63B-11-514. 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 266, 2002 General Session
Section 515 – Legal investment status.
63B-11-515. 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 266, 2002 General Session
Section 506 – Constitutional debt limitation.
63B-11-506. Constitutional debt limitation. (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1. (2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, Section 1, the value of the taxable property in Utah is considered […]
Section 507 – Tax levy — Abatement of tax.
63B-11-507. 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 508 – Creation of sinking fund.
63B-11-508. 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 for Salt Lake County 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 […]
Section 509 – Payment of interest, principal, and redemption premiums.
63B-11-509. 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 510 – Investment of sinking fund money.
63B-11-510. 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 […]
Section 504 – Manner of issuance — Amounts, interest, and maturity.
63B-11-504. Manner of issuance — Amounts, interest, and maturity. (1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution. (2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest rates, including a variable rate, […]
Section 505 – Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate.
63B-11-505. Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and conditions of sale, including price, whether at, below, or above […]
Section 501 – State Bonding Commission authorized to issue general obligation bonds.
63B-11-501. State Bonding Commission authorized to issue general obligation bonds. Upon receipt of a written opinion from the Utah Attorney General that Salt Lake County has entered a binding legal agreement with the state in which Salt Lake County agrees, until all of the principal, interest, and issuance costs on the bonds have been paid, […]