Utah Code 11-17-6. Refunding bonds
Terms Used In Utah Code 11-17-6
- 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
Any bonds issued under this act and at any time outstanding may at any time and from time to time be refunded either in advance or by exchange by a municipality or county by the issuance of its refunding bonds in such amount as the governing body may deem necessary. Any such refunding may be effected whether the bonds to be refunded shall have then matured or shall thereafter mature, either by sale of the refunding bonds and the application of the proceeds from same to the payment of the bonds to be refunded by such refunding bonds or by exchange of the refunding bonds for the bonds to be refunded by such refunding bonds. Any refunding bonds issued under this act shall be subject to the provisions contained in Section 11-17-4 and may be secured in accordance with the provisions of Section 11-17-5.