Utah Code 63B-1-310. Proceeds from sale of obligations — Use
Current as of: 2024 | Check for updates
|
Other versions
(1) The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued.
Terms Used In Utah Code 63B-1-310
- Obligations: means any mortgage certificates, notes, debentures, interim certificates, revenue bonds, or other evidences of financial indebtedness. See Utah Code 63B-1-303
(2) Any accrued interest and premium received upon the sale, and any portion of the proceeds that may not be needed for the purposes for which the obligations were issued, shall be applied to the payment of the principal of, or the interest on, the obligations.