State Codes and Statutes

Statutes > Utah > Title-53b > Chapter-21 > 53b-21-101

53B-21-101. Financing of projects or buildings -- Issuance of bonds -- Sale pricedetermined by board -- Payment of bonds -- Bonds exempt from income taxation.
(1) In order to pay all or part of the cost of the acquisition, purchase, construction,improvement, remodeling, addition to, extension, equipment, and furnishing of any project orbuilding, including the acquisition of all necessary land, the board, on behalf of the institution forwhich this is to be done, may do the following: (a) borrow money on the credit of the income andrevenues to be derived from the operation of the building, the imposition of student building fees,land grant interest, and net profits from proprietary activities, or from sources other than byappropriations by the Legislature to issuing institutions and, in anticipation of the collection ofthis income and revenues, issue negotiable bonds of the institution in an amount as the boarddetermines is necessary for these purposes; and (b) provide for the payment of these bonds andthe rights of their holders as provided in this chapter.
(2) Bonds may: (a) be issued in one or more series; (b) bear any date or dates; (c) matureat any time or times not exceeding 40 years from their date; (d) be in any denominations; (e) be inany form, either coupon or registered; (f) carry registration and conversion privileges; (g) beexecuted in any manner; (h) be payable in any medium of payment at any place; (i) be subject toany terms of redemption with or without premium; and (j) bear interest at any rate or rates asprovided by resolution adopted by the board at or prior to the sale of the bonds.
(3) The bonds may be sold in a manner, at the lowest obtainable rate or rates of interest,and at a price or prices as determined by the board. These determinations are conclusive.
(4) The board may authorize one issue of bonds for the acquisition, purchase,construction, improvement, remodeling, adding to, extending, furnishing, or equipping of morethan one building, including the acquisition of all necessary land, and may make the bondspayable from the combined revenues of all the buildings as well as from student building fees,land grant interest, net profits from proprietary activities, and from sources other than thosederived from appropriations from the Legislature.
(5) The bonds issued under this chapter have all of the qualities and incidents ofnegotiable paper and are not subject to state or local income taxation.

Enacted by Chapter 167, 1987 General Session