State Codes and Statutes
Statutes > Utah > Title-11 > Chapter-14 > 11-14-30211-14-302. Resolution -- Negotiability -- Registration -- Maturity -- Interest --Payment -- Redemption -- Combining issues -- Sale -- Financing plan.
(1) Bonds issued under this chapter shall be authorized by resolution of the governingbody, shall be fully negotiable for all purposes, may be made registrable as to principal alone oras to principal and interest, shall mature at such time or times not more than 40 years from theirdate, shall bear interest at such rate or rates, if any, shall be payable at such place or places, shallbe in such form, shall be executed in such manner, may be made redeemable prior to maturity atsuch times and on such terms, shall be sold in such manner and at such prices, either at, in excessof, or below face value, and generally shall be issued in such manner and with such details asmay be provided by resolution; it being the express intention of the legislature that interest ratelimitations elsewhere appearing in the laws of Utah do not apply to nor limit the rate of intereston bonds issued under this chapter. The resolution shall specify either the rate or rates ofinterest, if any, on the bonds or specify the method by which the interest rate or rates on thebonds may be determined while the bonds are outstanding. If the resolution specifies a methodby which interest on the bonds may be determined, the resolution shall also specify the maximumrate of interest the bonds may bear. Bonds voted for different purposes by separate propositionsat the same or different bond elections may in the discretion of the governing body be combinedand offered for sale as one issue of bonds. The resolution providing for this combination and theprinted bonds for the combined issue shall separately set forth the amount being issued for eachof the purposes provided for in each proposition submitted to the electors. If the local politicalsubdivision has retained a fiscal agent to assist and advise it with respect to the bonds and thefiscal agent has received or is to receive a fee for such services, the bonds may be sold to thefiscal agent but only if the sale is made pursuant to a sealed bid submitted by the fiscal agent atan advertised public sale.
(2) (a) All bonds shall be paid by the treasurer of the local political subdivision or thetreasurer's duly authorized agent on their respective maturity dates or on the dates fixed for thebonds redemption. All bond coupons, other than coupons cancelled because of the redemption ofthe bonds to which they apply, shall similarly be paid on their respective dates or as soonthereafter as the bonds or coupons are surrendered.
(b) Upon payment of a bond or coupon, the treasurer of the local political subdivision orthe treasurer's duly authorized agent, shall perforate the bond or coupon with a device suitable toindicate payment.
(c) Any bonds or coupons which have been paid or cancelled may be destroyed by thetreasurer of the local political subdivision or by the treasurer's duly authorized agent.
(3) Bonds, bond anticipation notes, or tax anticipation notes with maturity dates of oneyear or less may be authorized by a local political subdivision from time to time pursuant to aplan of financing adopted by the governing body. The plan of financing shall specify the termsand conditions under which the bonds or notes may be issued, sold, and delivered, the officers ofthe local political subdivision authorized to issue the bonds or notes, the maximum amount ofbonds or notes which may be outstanding at any one time, the source or sources of payment ofthe bonds or notes, and all other details necessary for issuance of the bonds or notes. Subject tothe Constitution, the governing body of the local political subdivision may include in the plan offinancing the terms and conditions of agreements which may be entered into by the local politicalsubdivision with banking institutions for letters of credit or for standby letters of credit to securethe bonds or notes, including payment from any legally available source of fees, charges, or other
amounts coming due under the agreements entered into by the local political subdivision.
Amended by Chapter 378, 2010 General Session
