Section 501.1 – Title.
Effective 5/10/2016 17C-1-501.1. Title. This part is known as “Agency Bonds.” Enacted by Chapter 350, 2016 General Session
Section 501.5 – Resolution authorizing issuance of agency bonds — Characteristics of bonds.
Effective 5/10/2016 17C-1-501.5. Resolution authorizing issuance of agency bonds — Characteristics of bonds. (1) An agency may not issue a bond under this part unless the board first adopts a resolution authorizing the bond issuance. (2) (a) As provided in the agency resolution authorizing the issuance of a bond under this part or the trust […]
Section 502 – Sources from which bonds may be made payable — Agency powers regarding bonds.
Effective 5/5/2021 17C-1-502. Sources from which bonds may be made payable — Agency powers regarding bonds. (1) An agency may pay the principal and interest on a bond issued by the agency from: (a) the income and revenues of the project area development financed with the proceeds of the bond; (b) the income and revenue […]
Section 503 – Signature of officer who leaves office.
17C-1-503. Signature of officer who leaves office. If an agency officer whose signature appears on a bond issued under this part leaves office before delivery of the bond, the signature shall continue to be valid as if the official had remained in office until delivery of the bond. Renumbered and Amended by Chapter 359, 2006 […]
Section 504 – Contesting the legality of resolution authorizing bonds — Time limit — Presumption.
Effective 5/10/2016 17C-1-504. Contesting the legality of resolution authorizing bonds — Time limit — Presumption. (1) Any person may contest the legality of the resolution authorizing issuance of the bond or any provisions for the security and payment of the bond for a period of 30 days after: (a) publication of the resolution authorizing the […]
Section 505 – Authority to purchase agency bonds.
Effective 5/10/2016 17C-1-505. 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 a bond issued by an agency under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to […]
Section 506 – Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability.
Effective 5/10/2016 17C-1-506. Those executing bonds not personally liable — Limitation of obligations under bonds — Negotiability. (1) A member of a board or other person executing an agency bond is not liable personally on the bond. (2) (a) A bond issued by an agency is not a general obligation or liability of the community, […]
Section 507 – Obligee rights — Board may confer other rights.
Effective 5/10/2016 17C-1-507. 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 an agency under this part and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, compel […]
Section 508 – Bonds exempt from taxes — Agency may purchase an agency’s own bonds.
Effective 5/10/2016 17C-1-508. Bonds exempt from taxes — Agency may purchase an agency’s own bonds. (1) A bond issued by an agency 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 […]