Utah Code 11-27-6. Bonds and interest exempt from taxation except corporate franchise tax

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Refunding bonds: means bonds issued under the authority of this chapter for the purpose of refunding outstanding bonds. See Utah Code 11-27-2
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

All refunding bonds, and interest accruing on them, shall be exempt from all taxation in this state, except for the corporate franchise tax.