Utah Code 11-32-11. Publication of resolutions — Notice — Content
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(1) The governing body of any county, or the board of trustees of any financing authority, may provide for the publication of any resolution or other proceeding adopted by it under this chapter:
Terms Used In Utah Code 11-32-11
- Assignment agreement: means the agreement, security agreement, indenture, or other documentation by which the county transfers the delinquent tax receivables to the authority in consideration of the amounts paid by the authority under the assignment agreement, as provided in this chapter. See Utah Code 11-32-2
- authority: means a nonprofit corporation organized under this chapter by a county on behalf of the participant members within the county as the financing authority for the participant members solely for the purpose of financing the assignment of the delinquent tax receivables of the participant members for which it was created. See Utah Code 11-32-2
- Bonds: means any bonds, notes, or other evidence of indebtedness of the financing authority issued under this chapter. See Utah Code 11-32-2
- Governing body: means the council, commission, county legislative body, board of education, board of trustees, or any other governing entity of a public body in which the legislative powers of the public body are vested. See Utah Code 11-32-2
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Participant members: means those public bodies, including the county, the governing bodies of which approve the creation of an authority as provided in Section 11-32-3 and on whose behalf the authority acts. See Utah Code 11-32-2
(1)(a) for the county, as a class A notice under Section 63G-30-102, for at least seven days; and
(1)(b) as required in Section 45-1-101.
(2) In case of a resolution or other proceeding providing for the issuance of bonds, the board of trustees of a financing authority may, in lieu of publishing the entire resolution or other proceeding, publish a notice of bonds to be issued, titled as such, containing:
(2)(a) the name of the financing authority and the participant members;
(2)(b) the purposes of the issue;
(2)(c) the maximum principal amount which may be issued;
(2)(d) the maximum number of years over which the bonds may mature;
(2)(e) the maximum interest rate which the bonds may bear;
(2)(f) the maximum discount from par, expressed as a percentage of principal amount, at which the bonds may be sold; and
(2)(g) the time and place where a copy of the resolution or other proceedings authorizing the issuance of the bonds may be examined, which shall be at an office of the financing authority, identified in the notice, during regular business hours of the financing authority as described in the notice and for a period of at least 30 days after the publication of the notice.
(3) For a period of 30 days after the publication, any person in interest may contest the legality of the resolution or proceeding or any bonds or assignment agreements which may be authorized by them or any provisions made for the security and payment of the bonds or for the security and payment of the assignment agreement. After such time no person has any cause of action to contest the regularity, formality, or legality of same for any cause.