State Codes and Statutes
Statutes > Utah > Title-63c > Chapter-07 > 63c-7-30263C-7-302. Bonds to be authorized by resolution -- Form -- Sale -- Negotiability --Validity presumed.
(1) Bonds of the Utah Communications Agency Network shall:
(a) be authorized by resolution of the executive committee and may be issued in one ormore series;
(b) bear dates, mature, bear interest rates, be in denominations, be either coupon orregistered, carry conversion or registration privileges, have rank or priority, be executed, and bepayable; and
(c) be subject to terms of redemption, with or without premium, as the resolution or itstrust indenture provides.
(2) The bonds may bear interest at a fixed or variable interest rate as the resolutionprovides. The resolution may establish a method, formula, or index pursuant to which the interestrate on the bonds may be determined from time to time.
(3) In connection with the bonds, and on behalf of the Utah Communications AgencyNetwork, the executive committee may authorize and enter into agreements or other arrangementswith financial, banking, and other institutions for letters of credit, standby letters of credit, suretybonds, reimbursement agreements, remarketing agreements, indexing agreements, tender agentagreements, and other agreements to secure the bonds, to enhance the marketability andcreditworthiness of the bonds, to determine a fixed or variable interest rate on the bonds, and topay from any legally available source, including the proceeds of the bonds, of fees, charges, andother amounts coming due with respect to any such agreements.
(4) The bonds may be sold at public or private sale in a manner and at prices, either at, inexcess of, or below par value as provided by resolution of the executive committee.
(5) If members or officers of the Utah Communications Agency Network whosesignatures appear on bonds or coupons cease to be members or officers before the delivery of thebonds, their signatures are valid and sufficient for all purposes.
(6) Any bonds issued under this part are fully negotiable.
(7) In any suit, action, or proceeding involving the validity or enforceability of any bondof the Utah Communications Agency Network or the security for it, any bond reciting insubstance that it has been issued by the Utah Communications Agency Network to aid infinancing the communications network shall be conclusively considered to have been issued forsuch purposes, and the communications network shall be conclusively considered to have beenplanned, located, and carried out in accordance with this part.
Enacted by Chapter 136, 1997 General Session
