Utah Code 11-25-5. Bonds or notes — Issuance — Purposes — Payment — Maturity of bond anticipation notes
Terms Used In Utah Code 11-25-5
- Agency: means a community reinvestment agency functioning pursuant to Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act. See Utah Code 11-25-3
- Financing: means the lending of money or any other thing of value for the purpose of residential rehabilitation. See Utah Code 11-25-3
- 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.
- Residential rehabilitation: means the construction, reconstruction, renovation, replacement, extension, repair, betterment, equipping, developing, embellishing, or otherwise improving residences consistent with standards of strength, effectiveness, fire resistance, durability, and safety, so that the structures are satisfactory and safe to occupy for residential purposes and are not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency, or crime because of any one or more of the following factors:(8)(a) defective design and character of physical construction;(8)(b) faulty interior arrangement and exterior spacing;(8)(c) high density of population and overcrowding;(8)(d) inadequate provision for ventilation, light, sanitation, open spaces, and recreation facilities;(8)(e) age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses; and(8)(f) economic dislocation, deterioration, or disuse, resulting from faulty planning. See Utah Code 11-25-3
An agency may, from time to time, issue its negotiable bonds or notes for the purpose of financing residential rehabilitation as authorized by this act and for the purpose of funding or refunding these bonds or notes in the same manner as it may issue other bonds or notes as provided in Title 17C, Chapter 1, Part 5, Agency Bonds. Every issue of its bonds shall be a special obligation of the agency payable from all or any part of the revenues specified in the act or funds legally received by the agency. In anticipation of the sale of the bonds, the agency may issue negotiable bond anticipation notes in accordance with Section 11-14-311, and may renew such notes from time to time. Bond anticipation notes may be paid from the proceeds of sale of the bonds of the agency in anticipation of which they were issued. Bond anticipation notes and agreements relating thereto and the resolution or resolutions authorizing the notes and agreements may obtain any provisions, conditions, or limitations which a bond, agreement relating thereto, or bond resolution of the agency may contain except that any note or renewal thereof shall mature at a time not later than five years from the date of the issuance of the original note.