Utah Code 63B-11-511. Bond proceeds — Deposits — Investment — Disposition of investment income and unexpended proceeds
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(1)
Terms Used In Utah Code 63B-11-511
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Sinking fund: means the fund or account established as provided in this title to hold money to pay the principal and interest on each series of bonds as they become due. See Utah Code 63B-1-101
- 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
- Trustee: A person or institution holding and administering property in trust.
(1)(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission.
(1)(b) The state treasurer shall administer and maintain these accounts unless otherwise provided by the commission by resolution.
(1)(c) The commission, by resolution, may provide for the deposit of the money with a trustee and the administration, disposition, or investment of the money by this trustee.
(2)
(2)(a) The commission, by resolution, shall provide for the kinds of investments in which the proceeds of bonds issued under this chapter may be invested.
(2)(b) Income from the investment of proceeds of bonds issued under this chapter shall be applied as provided by resolution of the commission.
(3) Any unexpended bond proceeds issued under this chapter shall be deposited, upon completion of the purposes for which the bonds were issued, in the sinking fund, unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter.