State Codes and Statutes

Statutes > Utah > Title-63j > Chapter-06 > 63j-6-203

63J-6-203. Redemption account -- Creation -- Sources -- Use -- Investment --Income.
(1) There is created a restricted account within the General Fund known as the "Tax andRevenue Anticipation Note Redemption Account." When any notes have been issued inanticipation of income or revenue under this chapter, not less than two days before the principaland interest on the notes comes due, income or revenue realized from the tax or nontax sourcesspecified in the approved plan of financing to be anticipated or from any other source of moneylegally available for such purpose shall be placed in the restricted account so that the amount inthe restricted account is sufficient to pay the principal amount of all notes outstanding, togetherwith interest on them.
(2) The money in the restricted account is appropriated solely for the payment of theprincipal of and interest on the notes issued under this chapter. The payment of the principal andinterest on the notes issued under this chapter is not limited solely to the income and revenuesfrom the specific tax or nontax sources in anticipation of which the notes were issued. Accruedinterest received upon the sale of the notes shall be deposited by the state treasurer in therestricted account.
(3) The state treasurer may invest all money in the restricted account in accordance withTitle 51, Chapter 7, State Money Management Act, maturing at a time which will permitpayment of the principal of and interest on the notes in a timely manner when due. The statetreasurer may covenant with the purchasers of the notes as to the manner of holding money in therestricted account, the investment of money in the restricted account, and the disposition of anyinvestment income therefrom by retaining investment income in the restricted account to be usedto pay principal of and interest on notes when due or by paying the investment income to thestate treasurer for deposit into the General Fund. If there is sufficient money in the restrictedaccount to pay all principal of and interest on all outstanding notes payable therefrom, allinvestment income on it shall be paid to the state treasurer for deposit into the General Fund.

Amended by Chapter 278, 2010 General Session