Utah Code 11-42-609. Validation of previously issued obligations
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(1) Subject to Subsection (2):
Terms Used In Utah Code 11-42-609
- Guaranty fund: means the fund established by a local entity under Section
11-42-701 . See Utah Code 11-42-102 - Local entity: means :(31)(a) a county, city, town, special service district, or special district;(31)(b) an interlocal entity as defined in Section
11-13-103 ;(31)(c) the military installation development authority, created in Section63H-1-201 ;(31)(d) a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;(31)(e) the Utah Inland Port Authority, created in Section11-58-201 ; or(31)(f) any other political subdivision of the state. See Utah Code 11-42-102- Local entity obligations: means assessment bonds, refunding assessment bonds, interim warrants, and bond anticipation notes issued by a local entity. See Utah Code 11-42-102
- Reserve fund: means a fund established by a local entity under Section
11-42-702 . See Utah Code 11-42-102(1)(a) all local entity obligations issued by a local entity before April 30, 2007 are:(1)(a)(i) validated, ratified, and confirmed; and(1)(a)(ii) declared to constitute legally binding obligations in accordance with their terms; and(1)(b) all proceedings before April 30, 2007 related to the authorization and issuance of local entity obligations are validated, ratified, and confirmed.
(2) Nothing in this section may be construed to affect the validity of local entity obligations, a guaranty fund, or a reserve fund whose legality is being contested on April 30, 2007.
(3)
(3)(a) This chapter applies to all local entity obligations issued after April 30, 2007, even though proceedings were taken before that date under provisions of the law then in effect but repealed or modified on or after that date.
(3)(b) Proceedings taken as described in Subsection (3)(a) under the law in effect before April 30, 2007 are validated, ratified, and confirmed, subject to question only as provided in Section 11-42-106.
(4) The validity of local entity obligations issued before April 30, 2007 is not affected by changes to the law under which they were issued that become effective on or after April 30, 2007.