Utah Code 11-27-4. Publication of resolution — Notice of bond issue — Contest of resolution or proceeding
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(1) The governing body of any public body may provide for the publication of any resolution or other proceeding adopted by it under this chapter:
Terms Used In Utah Code 11-27-4
- Governing body: means the council, commission, county legislative body, board of directors, board of trustees, board of education, board of higher education, or other legislative body of a public body designated in this chapter that is vested with the legislative powers of the public body, and, with respect to the state, the State Bonding Commission created by Section 63B-1-201. See Utah Code 11-27-2
- 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
- Issuer: means the public body issuing any bond or bonds. See Utah Code 11-27-2
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Public body: means the state or any agency, authority, instrumentality, or institution of the state, or any municipal or quasi-municipal corporation, political subdivision, agency, school district, special district, special service district, or other governmental entity now or hereafter existing under the laws of the state. See Utah Code 11-27-2
- Refunding bonds: means bonds issued under the authority of this chapter for the purpose of refunding outstanding bonds. See Utah Code 11-27-2
- Resolution: means a resolution of the governing body of a public body taking formal action under this chapter. See Utah Code 11-27-2
(1)(a) for the public body, 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 refunding bonds (or for a combined issue of refunding bonds and bonds issued for any other purpose), the governing body may, instead of publishing the entire resolution or other proceeding, publish a notice of bonds to be issued, entitled accordingly, and containing:
(2)(a) the name of the issuer;
(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;
(2)(g) a general description of the security pledged for repayment of the bonds; and
(2)(h) the times and place where a copy of the resolution or other proceeding authorizing the issuance of the bonds may be examined, which shall be at an office of the governing body identified in the notice, during regular business hours of the governing body 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 shall have the right to contest the legality of the resolution or proceeding or any bonds which may be so authorized or any provisions made for the security and payment of these bonds; and after this time no person shall have any cause of action to contest the regularity, formality, or legality thereof for any cause.