(1) Subject to Subsection 11-70-207(2), the principal and interest on bonds issued by the fairpark district may be made payable from:

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Terms Used In Utah Code 11-70-602

  • Board: means the fairpark district's governing body, created in Section 11-70-301. See Utah Code 11-70-101
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Development: means :
         (5)(a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
         (5)(b) the planning of, arranging for, or participation in any of the activities listed in Subsection (5)(a). See Utah Code 11-70-101
  • Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201. See Utah Code 11-70-101
  • Fairpark district boundary: means a line or set of lines that:
         (12)(a) defines the geographic boundary of the fairpark district, consisting of the interior space within each polygon described by the line or set of lines; and
         (12)(b) is delineated in the electronic shapefile that is the electronic component of H. See Utah Code 11-70-101
  • Land: includes :
         (18)(a) land;
         (18)(b) a tenement;
         (18)(c) a hereditament;
         (18)(d) a water right;
         (18)(e) a possessory right; and
         (18)(f) a claim. See Utah Code 68-3-12.5
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Property tax: includes each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-70-101
  • Public entity: means :
         (28)(a) the state, including each department, division, or other agency of the state; or
         (28)(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 fairpark district. See Utah Code 11-70-101
     (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 fairpark district derives from or holds in connection with its undertaking and carrying out development of land within the fairpark district boundary;
     (1)(d) enhanced property tax revenue;
     (1)(e) fairpark district revenues generally;
     (1)(f) a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the fairpark district; 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 fairpark district bonds, the fairpark district may:

     (2)(a) as the board determines in the board’s reasonable discretion, pledge all or any part of the fairpark district’s gross or net rents, fees, or revenues to which the fairpark district’s right then exists or may thereafter come into existence;
     (2)(b) encumber by mortgage, deed of trust, or otherwise all or any part of the fairpark district’s 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 its 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.
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