Section 218.1 – Pledge of revenues to pay for bonds.

• (1) In addition to any assignment, pledge, or conveyance made in accordance with Subsection 11-13-204(1)(a)(ii)(G), bonds issued by an interlocal entity may be payable from and secured by the pledge of all or any specified part of:
  • (a) the revenues to be derived by the interlocal entity from providing the entity’s services and from the operation of the entity’s facilities and other properties;
  • (b) sales and use taxes, property taxes, and other taxes;
  • (c) federal, state, or local grants; or
  • (d) other funds legally available to the interlocal entity.

• (2) An assignment, pledge, or conveyance made by an interlocal entity to secure bonds shall be created and perfected in accordance with, and have the effect provided in, Section 11-14-501.

Enacted by Chapter 265, 2015 General Session