Utah Code 63B-11-401. Definitions
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As used in this part:
(1) “Bond anticipation note” means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 3, 2002 Highway General Obligation Bonds .
Terms Used In Utah Code 63B-11-401
- Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under
Part 3, 2002 Highway General Obligation Bonds . See Utah Code 63B-11-401 - Highway: includes :(15)(a) a public bridge;(15)(b) a county way;(15)(c) a county road;(15)(d) a common road; and(15)(e) a state road. See Utah Code 68-3-12.5
- 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.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- 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
(2) “Flexible note” means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity.(3)(3)(a) “Short-term series note” means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:(3)(a)(i) each note will be paid from the proceeds of one or more renewal notes of that series; and(3)(a)(ii) the final note or notes of the series will be paid from:(3)(a)(ii)(A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or(3)(a)(ii)(B) money of the state on hand and legally available for that purpose.(3)(b) “Short-term series note” includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.