State Codes and Statutes

Statutes > Utah > Title-63h > Chapter-02 > 63h-2-401

63H-2-401. Resolution authorizing issuance of authority bond -- Characteristics ofbond.
(1) (a) The authority may issue a bond subject to the requirements of this part to finance,in whole or in part, a qualifying transmission project.
(b) The authority may not issue a bond under this part unless before the issuance of thebond, the board adopts a resolution authorizing the issuance of the bond.
(2) (a) If provided in a resolution authorizing the issuance of an authority bond or in thetrust indenture under which the authority bond is issued, an authority bond may be:
(i) issued in one or more series; and
(ii) sold:
(A) at a public or private sale; and
(B) in the manner provided in the resolution or indenture.
(b) An authority bond shall:
(i) bear the date provided in the resolution authorizing the issuance of the authority bondor the trust indenture under which the authority bond is issued;
(ii) be payable at the time provided in the resolution authorizing the issuance of theauthority bond or the trust indenture under which the authority bond is issued;
(iii) bear interest at the rate provided in the resolution authorizing the issuance of theauthority bond or the trust indenture under which the authority bond is issued;
(iv) be in the denomination and in the form provided in the resolution authorizing theissuance of the authority bond or the trust indenture under which the authority bond is issued;
(v) carry the conversion or registration privileges provided in the resolution authorizingthe issuance of the authority bond or the trust indenture under which the authority bond is issued;
(vi) have the rank or priority as provided in the resolution authorizing the issuance of theauthority bond or the trust indenture under which the authority bond is issued;
(vii) be executed in the manner as provided in the resolution authorizing the issuance ofthe authority bond or the trust indenture under which the authority bond is issued;
(viii) be subject to the terms of redemption or tender, with or without premium, asprovided in the resolution authorizing the issuance of the authority bond or the trust indentureunder which the authority bond is issued;
(ix) be payable in the medium of payment and at the place as provided in the resolutionauthorizing the issuance of the authority bond or the trust indenture under which the authoritybond is issued; and
(x) have other characteristics as provided in the resolution authorizing the issuance of theauthority bond or the trust indenture under which the authority bond is issued.

Enacted by Chapter 378, 2009 General Session