Utah Code 11-68-506. Bonds exempt from taxes — Authority may purchase its own bonds
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(1) A bond issued by the authority under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from the bond, exempt from all state taxes except the corporate franchise tax.
Terms Used In Utah Code 11-68-506
- Authority: means the State Fair Park Authority, created in Section 11-68-201. See Utah Code 11-68-101
- Board: means the authority board, created in Section 11-68-301. See Utah Code 11-68-101
- 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 authority may purchase the 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 authority on the authority’s income, revenues, proceeds, funds, fees, rents, grants, or taxes.