(1) A bond issued by the lake authority under this part is issued for an essential public and governmental purpose and is, together with interest on and income from the bond, exempt from all state taxes except the corporate franchise tax.

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Terms Used In Utah Code 11-65-506

  • Board: means the lake authority's governing body, created in Section 11-65-301. See Utah Code 11-65-101
  • Lake authority: means the Utah Lake Authority, created in Section 11-65-201. See Utah Code 11-65-101
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • 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
(2) The lake authority may purchase the lake authority’s own bonds at a price that the board determines.
(3) Nothing in this section may be construed to limit the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by the lake authority on the lake authority’s rents, fees, grants, properties, or revenues.