Utah Code 35A-8-2110. Duties of the department
Current as of: 2024 | Check for updates
|
Other versions
(1) The department is recognized as an issuing authority as defined in Section 35A-8-2102, entitled to issue bonds from the Small Issue Bond Account created in Subsection 35A-8-2106(1)(c) as a part of the state‘s private activity bond volume cap authorized by the Internal Revenue Code and computed under Section 146, Internal Revenue Code.
Terms Used In Utah Code 35A-8-2110
- Bond: means any obligation for which an allocation of volume cap is required by the code. See Utah Code 35A-8-2102
- Code: means the Internal Revenue Code of 1986, as amended, and any related Internal Revenue Service regulations. See Utah Code 35A-8-2102
- Department: means the Department of Workforce Services created in Section 35A-1-103. See Utah Code 35A-1-102
- Issuing authority: means :(7)(a) any county, city, or town in the state;(7)(b) any not-for-profit corporation or joint agency, or other entity acting on behalf of one or more counties, cities, towns, or any combination of these;(7)(c) the state; or(7)(d) any other entity authorized to issue bonds under state law. See Utah Code 35A-8-2102
- Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
- State: means the state of Utah and any of its agencies, institutions, and divisions authorized to issue bonds or certificates under state law. See Utah Code 35A-8-2102
- Volume cap: means the private activity bond volume cap for the state as computed under Section 146 of the code. See Utah Code 35A-8-2102
(2) To promote and encourage the issuance of bonds from the Small Issue Bond Account for manufacturing projects, the department may:
(2)(a) develop campaigns and materials that inform qualified small manufacturing businesses about the existence of the program and the application process;
(2)(b) assist small businesses in applying for and qualifying for these bonds; and
(2)(c) develop strategies to lower the cost to small businesses of applying for and qualifying for these bonds, including making arrangements with financial advisors, underwriters, bond counsel, and other professionals involved in the issuance process to provide services at a reduced rate when the department can provide such service providers with a high volume of applicants or issues.