Utah Code 11-65-502. Sources from which bonds may be made payable — Lake authority powers regarding bonds
Current as of: 2024 | Check for updates
|
Other versions
(1) The principal and interest on bonds issued by the lake authority may be made payable from:
Terms Used In Utah Code 11-65-502
- Lake authority: means the Utah Lake Authority, created in Section
11-65-201 . See Utah Code 11-65-101 - Lake authority land: means land on the lake side of the lake authority boundary. See Utah Code 11-65-101
- Management: means work to coordinate and facilitate the improvement of Utah Lake, including work to enhance the long-term viability and health of Utah Lake and to produce economic, aesthetic, recreational, environmental, and other benefits for the state, consistent with the strategies, policies, and objectives described in this chapter. See Utah Code 11-65-101
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Public entity: means :(12)(a) the state, including each department, division, or other agency of the state; or(12)(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. See Utah Code 11-65-101(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 lake authority derives from or holds in connection with the lake authority’s undertaking and carrying out management of lake authority land;(1)(d) lake authority revenues generally;(1)(e) a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the lake authority; or(1)(f) funds derived from any combination of the methods listed in Subsections (1)(a) through (e).
(2) In connection with the issuance of lake authority bonds, the lake authority may:
(2)(a) pledge all or any part of the lake authority’s gross or net rents, fees, or revenues to which the lake authority then has the right or to which the lake authority may thereafter acquire a right; and
(2)(b) make the covenants and take the action that may be necessary, convenient, or desirable to secure the lake authority’s bonds, or, except as otherwise provided in this chapter, that will tend to make the bonds more marketable, even though such covenants or actions are not specifically enumerated in this chapter.