Utah Code 17C-1-508. Bonds exempt from taxes — Agency may purchase an agency’s own bonds
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(1) A bond issued by an agency under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax.
Terms Used In Utah Code 17C-1-508
- Board: means the governing body of an agency, as described in Section
17C-1-203 . See Utah Code 17C-1-102 - 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) An agency may purchase the agency’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 an agency on the agency’s rents, fees, grants, properties, or revenues.