Effective 5/14/2019 53G-4-802. Contract with bondholders — Full faith and credit of state is pledged — Limitation as to certain refunded bonds. (1) (a) The state of Utah pledges to and agrees with the holders of any bonds that the state will not alter, impair, or limit the rights vested by the default avoidance program […]
Effective 5/14/2019 53G-4-803. Program eligibility — Option to forego guaranty. (1) (a) Any local school board may request that the state treasurer issue a certificate evidencing eligibility for the state’s guaranty under this part. (b) After reviewing the request, if the state treasurer determines that the local school board is eligible, the state treasurer shall […]
Effective 5/14/2019 53G-4-804. Fiscal solvency of school districts — Duties of state treasurer and attorney general. (1) The state superintendent shall: (a) monitor the financial affairs and condition of each local school board in the state to evaluate each local school board’s financial solvency; and (b) report immediately to the governor and state treasurer any […]
Effective 5/14/2019 53G-4-805. Business administrator duties — Paying agent to provide notice — State treasurer to execute transfer to paying agents — Effect of transfer. (1) (a) The business administrator of each local school board with outstanding, unpaid bonds shall transfer money sufficient for the scheduled debt service payment to its paying agent at least […]
Effective 5/14/2019 53G-4-806. State financial assistance intercept mechanism — State treasurer duties — Interest and penalty provisions. (1) (a) If one or more payments on bonds are made by the state treasurer as provided in Section 53G-4-805, the state treasurer shall: (i) immediately intercept any payments from the Uniform School Fund or from any other […]
Effective 5/14/2019 53G-4-807. Backup liquidity arrangements — Issuance of notes. (1) (a) If, at the time the state is required to make a debt service payment under its guaranty on behalf of a local school board, sufficient money of the state is not on hand and available for that purpose, the state treasurer may: (i) […]
Effective 1/24/2018 53G-4-808. Unlimited ad valorem tax as pledge of full faith and credit — State Tax Commission duties — Property tax abated. (1) (a) In each year after the issuance of general obligation notes under this part and until all outstanding notes are retired, there is levied a direct annual tax on all real […]
