17D-2-504 - Local building authority bonds payable solely from lease payments.
17D-2-504. Local building authority bonds payable solely from lease payments.
(1) Except to the extent that they are secured as provided in Section 17D-2-505, bondsissued by a local building authority and interest on the bonds are payable solely from paymentsreceived under a lease agreement with the creating local entity with respect to the project thatwas financed with the bond proceeds.
(2) Each bond issued by a local building authority shall recite on its face that the bond ispayable as provided in Subsection (1).
(1) Except to the extent that they are secured as provided in Section 17D-2-505, bondsissued by a local building authority and interest on the bonds are payable solely from paymentsreceived under a lease agreement with the creating local entity with respect to the project thatwas financed with the bond proceeds.
(2) Each bond issued by a local building authority shall recite on its face that the bond ispayable as provided in Subsection (1).
Enacted by Chapter 360, 2008 General Session