Utah Code 11-25-9. Bonds payable solely from revenues — Cities, towns, and counties not obligated
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Terms Used In Utah Code 11-25-9
- 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
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5 - Town: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5
Revenues shall be the sole source of funds pledged by the agency for repayment of its bonds. Bonds issued under the provisions of this part may not be deemed to constitute a debt or liability of the agency or a pledge of the faith and credit of the agency but shall be payable solely from revenues. The issuance of bonds may not directly, indirectly, or contingently obligate a city, town or county, or a city or town and county which has designated its governing body as an agency to levy or pledge any form of taxation or to make any appropriation for payment of bonds issued by an agency.