Utah Code 11-17-4. Bonds — Limitations — Form and provisions — Sale — Negotiability
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(1) All bonds issued by a municipality or county under this chapter shall be limited obligations of the municipality or county. Bonds and interest coupons issued under this chapter may not constitute nor give rise to a general obligation or liability of the municipality or county or a charge against its general credit or taxing powers. Such limitation shall be plainly stated upon the face of such bonds.
Terms Used In Utah Code 11-17-4
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bonds: means bonds, notes, or other evidences of indebtedness. See Utah Code 11-17-2
- Governing body: means :(5)(a) for a county, city, or town, the legislative body of the county, city, or town;(5)(b) for the Utah Inland Port Authority created in Section
11-58-201 , the board, as defined in Section11-58-102 ;(5)(c) for the military installation development authority created in Section63H-1-201 , the board, as defined in Section63H-1-102 ;(5)(d) for a state university except as provided in Subsection (5)(e), the board or body having the control and supervision of the state university; and(5)(e) for a nonprofit corporation or foundation created by and operating under the auspices of a state university, the board of directors or board of trustees of that corporation or foundation. See Utah Code 11-17-2- Municipality: means any incorporated city or town in the state, including cities or towns operating under home rule charters. See Utah Code 11-17-2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Project: means :
(11)(a)(i) an industrial park, land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, whether or not in existence or under construction:(11)(a)(i)(A) that is suitable for industrial, manufacturing, warehousing, research, business, and professional office building facilities, commercial, shopping services, food, lodging, low income rental housing, recreational, or any other business purposes;(11)(a)(i)(B) that is suitable to provide services to the general public;(11)(a)(i)(C) that is suitable for use by any corporation, person, or entity engaged in health care services, including hospitals, nursing homes, extended care facilities, facilities for the care of persons with a physical or mental disability, and administrative and support facilities; or(11)(a)(i)(D) that is suitable for use by a state university for the purpose of aiding in the accomplishment of its authorized academic, scientific, engineering, technical, and economic development functions;(11)(a)(ii) any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, used by any individual, partnership, firm, company, corporation, public utility, association, trust, estate, political subdivision, state agency, or any other legal entity, or its legal representative, agent, or assigns, for the reduction, abatement, or prevention of pollution, including the removal or treatment of any substance in process material, if that material would cause pollution if used without the removal or treatment;(11)(a)(iii) an energy efficiency upgrade;(11)(a)(iv) a clean energy system;(11)(a)(v) facilities, machinery, or equipment, the manufacturing and financing of which will maintain or enlarge domestic or foreign markets for Utah industrial products; or(11)(a)(vi) any economic development or new venture investment fund to be raised other than from:(11)(a)(vi)(A) municipal or county general fund money;(11)(a)(vi)(B) money raised under the taxing power of any county or municipality; or(11)(a)(vi)(C) money raised against the general credit of any county or municipality. See Utah Code 11-17-2- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) The bonds referred to in Subsection (1) may be authorized by resolution of the governing body, and may:(2)(a) be executed and delivered at any time and from time to time;(2)(b) be in such form and denominations;(2)(c) be of such tenor;(2)(d) be in registered or bearer form either as to principal or interest or both;(2)(e) be payable in such installments and at such time or times as the governing body may deem advisable;(2)(f) be payable at such place or places either within or without the state of Utah;(2)(g) bear interest at such rate or rates, payable at such place or places, and evidenced in such manner;(2)(h) be redeemable prior to maturity, with or without premium;(2)(i) be convertible into equity positions in any asset or assets acquired or developed with the proceeds of the sale of the bonds; and(2)(j) contain such other provisions not inconsistent with this chapter as shall be deemed for the best interests of the municipality or county and provided for in the proceedings of the governing body under which the bonds shall be authorized to be issued.(3) Any bonds issued under this chapter may be sold at public or private sale in such manner and at such time or times as may be determined by the governing body to be most advantageous. The municipality or county may pay all expenses, premiums, and commissions which the governing body may deem necessary or advantageous in connection with the authorization, sale, and issuance of such bonds from the proceeds of the sale of such bonds or from the revenues of the project or projects.(4) All bonds issued under this chapter and all interest coupons applicable thereto shall be construed to be negotiable instruments, despite the fact that they are payable solely from a specified source.