Utah Code 17C-1-502. Sources from which bonds may be made payable — Agency powers regarding bonds
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(1) An agency may pay the principal and interest on a bond issued by the agency from:
Terms Used In Utah Code 17C-1-502
- Agency funds: means money that an agency collects or receives for agency operations, implementing a project area plan or an implementation plan as defined in Section
17C-1-1001 , or other agency purposes, including:(5)(a) project area funds;(5)(b) income, proceeds, revenue, or property derived from or held in connection with the agency's undertaking and implementation of project area development or agency-wide project development as defined in Section17C-1-1001 ;(5)(c) a contribution, loan, grant, or other financial assistance from any public or private source;(5)(d) project area incremental revenue as defined in Section17C-1-1001 ; or(5)(e) property tax revenue as defined in Section17C-1-1001 . See Utah Code 17C-1-102- 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.
- Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
- Project area development: means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including:
(48)(a) promoting, creating, or retaining public or private jobs within the state or a community;(48)(b) providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;(48)(c) planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;(48)(d) providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;(48)(e) altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;(48)(f) providing open space, including streets or other public grounds or space around buildings;(48)(g) providing public or private buildings, infrastructure, structures, or improvements;(48)(h) relocating a business;(48)(i) improving public or private recreation areas or other public grounds;(48)(j) eliminating a development impediment or the causes of a development impediment;(48)(k) redevelopment as defined under the law in effect before May 1, 2006; or(48)(l) any activity described in this Subsection (48) outside of a project area that the board determines to be a benefit to the project area. See Utah Code 17C-1-102- Project area funds: means tax increment or sales and use tax revenue that an agency receives under a project area budget adopted by a taxing entity committee or an interlocal agreement. See Utah Code 17C-1-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Property tax: includes a privilege tax imposed under Title 59, Chapter 4, Privilege Tax. See Utah Code 17C-1-102
- Public entity: means :
(53)(a) the United States, including an agency of the United States;(53)(b) the state, including any of the state's departments or agencies; or(53)(c) a political subdivision of the state, including a county, municipality, school district, special district, special service district, community reinvestment agency, or interlocal cooperation entity. See Utah Code 17C-1-102(1)(a) the income and revenues of the project area development financed with the proceeds of the bond;(1)(b) the income and revenue of certain designated project area development regardless of whether the project area development is financed in whole or in part with the proceeds of the bond;(1)(c) the income, proceeds, revenue, property, or agency funds derived from or held in connection with the agency’s undertaking and implementation of project area development;(1)(d) project area funds;(1)(e) agency revenues generally;(1)(f) a contribution, loan, grant, or other financial assistance from a public entity in aid of project area development, including the assignment of revenue or taxes in support of an agency bond;(1)(g) project area incremental revenue or property tax revenue as those terms are defined in Section 17C-1-1001; or(1)(h) funds derived from any combination of the methods listed in Subsections (1)(a) through (g).(2) In connection with the issuance of an agency bond, an agency may:(2)(a) pledge all or any part of the agency’s gross or net rents, fees, or revenues to which the agency’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 agency’s real or personal property, then owned or thereafter acquired; and(2)(c) make the covenants and take the action that:(2)(c)(i) may be necessary, convenient, or desirable to secure the bond; or(2)(c)(ii) except as otherwise provided in this chapter, will tend to make the bond more marketable, even though such covenants or actions are not specifically enumerated in this chapter.