Utah Code 63B-1-306. Obligations issued by authority — Limitation of liability on obligations — Limitation on amount of obligations issued
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Terms Used In Utah Code 63B-1-306
- Authority: means the State Building Ownership Authority created by this part. See Utah Code 63B-1-303
- Bond anticipation note: means :(1)(a) any financing note issued according to the procedures and requirements of this title in anticipation of the receipt of the proceeds of the sale of the bonds authorized under this title; and(1)(b) any renewal of those notes. See Utah Code 63B-1-101
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Highway: includes :
(15)(a) a public bridge;(15)(b) a county way;(15)(c) a county road;(15)(d) a common road; and(15)(e) a state road. See Utah Code 68-3-12.5- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Obligations: means any mortgage certificates, notes, debentures, interim certificates, revenue bonds, or other evidences of financial indebtedness. See Utah Code 63B-1-303
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
(1)(a) All obligations issued by the authority under this part shall be limited obligations of the authority and may not constitute, nor give rise to, a general obligation or liability of, nor a charge against the general credit or taxing power of, this state or any of its political subdivisions.(1)(b) This limitation shall be plainly stated upon all obligations.(2)(2)(a) No authority obligations incurred under this section may be issued in an amount exceeding the difference between the total indebtedness of the state and an amount equal to 1-1/2% of the value of the taxable property of the state.(2)(b) Debt issued under authority of the following parts or sections may not be included as part of the total indebtedness of the state of Utah in determining the debt limit established by this Subsection (2):(2)(b)(viii) Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond Anticipation Notes Authorization;(2)(b)(ix) Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bonds for Salt Lake County;(2)(b)(xi) Section 63B-13-102;(2)(b)(xii) Section 63B-16-101;(2)(b)(xiii) Section 63B-16-102;(2)(b)(xiv) Section 63B-18-401;(2)(b)(xv) Section 63B-18-402; and(2)(c) Debt issued under authority of Section 63B-7-503 may not be included as part of the total indebtedness of the state in determining the debt limit established by this Subsection (2).(3) The obligations shall be authorized by resolution of the authority, following approval of the Legislature, and may:(3)(a) be executed and delivered at any time, and from time to time, as the authority may determine;(3)(b) be sold at public or private sale in the manner and at the prices, either at, in excess of, or below their face value and at the times that the authority determines;(3)(c) be in the form and denominations that the authority determines;(3)(d) be of the tenor that the authority determines;(3)(e) be in registered or bearer form either as to principal or interest or both;(3)(f) be payable in those installments and at the times that the authority determines;(3)(g) be payable at the places, either within or without this state, that the authority determines;(3)(h) bear interest at the rate or rates, payable at the place or places, and evidenced in the manner, that the authority determines;(3)(i) be redeemable before maturity, with or without premium;(3)(j) contain any other provisions not inconsistent with this part that are considered to be for the best interests of the authority and provided for in the proceedings of the authority under which the bonds are authorized to be issued; and(3)(k) bear facsimile signatures and seals.(4) The authority may pay any expenses, premiums, or commissions, that it considers necessary or advantageous in connection with the authorization, sale, and issuance of these obligations, from the proceeds of the sale of the obligations or from the revenues of the projects involved.