Utah Code 11-59-602. Sources from which bonds may be payable — Authority powers regarding bonds
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(1) The principal and interest on bonds issued by the authority may be made payable from:
Terms Used In Utah Code 11-59-602
- Authority: means the Point of the Mountain State Land Authority, created in Section
11-59-201 . See Utah Code 11-59-102 - Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Point of the mountain state land: means :(6)(a) the approximately 700 acres of state-owned land in Draper, including land used for the operation of a state correctional facility until completion of the new correctional facility and state-owned land in the vicinity of the current state correctional facility; and(6)(b) any land, in addition to the land described in Subsection
(6)(a) , that:(6)(b)(i) the state acquires; and(6)(b)(ii) is contiguous to the land described in Subsection(6)(a) . See Utah Code 11-59-102 - Property: includes both real and personal property. See Utah Code 68-3-12.5
- Public entity: means :(7)(a) the state, including each department, division, or other agency of the state; or(7)(b) a county, city, town, school district, special district, special service district, interlocal cooperation entity, community reinvestment agency, or other political subdivision of the state, including the authority. See Utah Code 11-59-102
- 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
(1)(a) the income and revenues of the projects financed with the proceeds of the bonds;
(1)(b) the income and revenues of certain designated projects whether or not they were financed in whole or in part with the proceeds of the bonds;
(1)(c) the income, proceeds, revenues, property, and funds the authority derives from or holds in connection with its undertaking and carrying out development of point of the mountain state land;
(1)(d) revenue from an annual assessment under Section 11-59-207 ;
(1)(e) authority revenues generally;
(1)(f) a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the authority; or
(1)(g) funds derived from any combination of the methods listed in Subsections (1)(a) through (f).
(2) In connection with the issuance of authority bonds, the authority may:
(2)(a) pledge all or any part of its gross or net rents, fees, or revenues to which authority right then exists or may thereafter come into existence;
(2)(b) encumber by mortgage, deed of trust, or otherwise all or any part of authority real or personal property, then owned or thereafter acquired; and
(2)(c) make the covenants and take the action that may be necessary, convenient, or desirable to secure authority bonds, or, except as otherwise provided in this chapter, that will tend to make the bonds more marketable, even though the covenants or actions are not specifically enumerated in this chapter.