Utah Code 17D-2-501. Provisions applicable to issuance of local building authority bonds
Current as of: 2024 | Check for updates
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(1) Except as otherwise provided in this chapter:
Terms Used In Utah Code 17D-2-501
- Bond: includes a bond, note, or other instrument issued under this chapter evidencing an indebtedness of a local building authority. See Utah Code 17D-2-102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(1)(a) each local building authority that issues bonds shall:
(1)(a)(i) issue them as provided in Title 11, Chapter 14, Local Government Bonding Act, except Section 11-14-306 ; and
(1)(a)(ii) receive the benefits of Title 11, Chapter 30, Utah Bond Validation Act;
(1)(b) bonds issued by a local building authority are governed by and subject to Title 11, Chapter 14, Local Government Bonding Act, except Sections 11-14-306 and 11-14-403 ; and
(1)(c) each local building authority that issues refunding bonds shall issue them as provided in Title 11, Chapter 27, Utah Refunding Bond Act.
(2) A local building authority that issues a lease revenue bond on or after May 1, 2024 shall comply with the same requirements and is subject to the same limitations under Subsection 11-14-103 (6) that apply to the issuance of a lease revenue bond by a local political subdivision, as defined in Section 11-14-102 .