Section 604 – Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
63H-1-604. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability. (1) A member of the authority board or other person executing an authority bond is not liable personally on the bond. (2) (a) A bond issued by the authority is not a general obligation or liability of the state or […]
Section 605 – Obligee rights — Board may confer other rights.
63H-1-605. 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 authority under this part and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, compel an authority […]
Section 606 – Bonds exempt from taxes — Authority may purchase its own bonds.
63H-1-606. Bonds exempt from taxes — Authority may purchase its own bonds. (1) A bond issued by the authority under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax. (2) The […]
Section 701 – Annual authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file form.
Effective 5/4/2022 63H-1-701. Annual authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file form. (1) The authority shall prepare and its board adopt an annual budget of revenues and expenditures for the authority for each fiscal year. (2) Each annual authority budget shall be adopted before June 30. […]
Section 702 – Amending the authority annual budget.
63H-1-702. Amending the authority annual budget. (1) The authority board may by resolution amend an annual authority budget. (2) An amendment of the annual authority budget that would increase the total expenditures may be made only after public hearing by notice published as required for initial adoption of the annual budget. (3) The authority may […]
Section 601 – Resolution authorizing issuance of authority bonds — Characteristics of bonds.
Effective 5/4/2022 63H-1-601. Resolution authorizing issuance of authority bonds — Characteristics of bonds. (1) The authority may not issue bonds under this part unless the authority board first: (a) adopts a parameters resolution that sets forth: (i) the maximum: (A) amount of the bonds; (B) term; and (C) interest rate; and (ii) the expected security […]
Section 602 – Sources from which bonds may be made payable — Authority powers regarding bonds.
Effective 3/30/2015 63H-1-602. Sources from which bonds may be made payable — Authority powers regarding bonds. (1) The principal and interest on bonds issued by the 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 certain designated […]
Section 603 – Authority to purchase agency bonds.
63H-1-603. Authority to purchase agency 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 an authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to relieve a purchaser […]
Section 503 – Use of municipal services revenue.
63H-1-503. Use of municipal services revenue. (1) The authority may use municipal services revenue to pay for: (a) administrative, overhead, legal, and other operating expenses of the authority; and (b) municipal services within the project area from which the revenue was collected. (2) Unless otherwise provided by agreement between the authority and each county and […]
Section 504 – Authority funds nonlapsing.
63H-1-504. Authority funds nonlapsing. All funds received by the authority are nonlapsing. Enacted by Chapter 9, 2010 General Session