Utah Code 63B-1a-201. Bonds proceeds — Deposits — Investment — Disposition of investment income and unexpended proceeds
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(1)
Terms Used In Utah Code 63B-1a-201
- 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
(1)(a) The commission shall provide that proceeds from the sale of bonds issued under this chapter are deposited within one or more accounts as determined by the commission or by the state treasurer.
(1)(b) The state treasurer shall administer and maintain these accounts.
(2)
(2)(a) The state treasurer shall:
(2)(a)(i) establish the kinds of investments in which the proceeds of bonds issued under this chapter may be invested; and
(2)(a)(ii) designate where the income from the investment of bond proceeds shall be applied.
(2)(b) The state treasurer shall apply the income from the investment of proceeds of bonds issued under this chapter as directed by the commission by resolution.
(3) Upon completion of the purposes for which the bonds were issued, any unexpended proceeds of the bonds issued under this chapter shall be deposited in the related sinking fund unless the commission provides otherwise by resolution.