Utah Code 63B-1a-301. Sinking fund — Creation — Investment of money
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(1) For bonds authorized and issued as provided in this chapter, the commission shall create a sinking fund, to be administered by the state treasurer.
Terms Used In Utah Code 63B-1a-301
- 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
(2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds.
(3) The commission or the state treasurer may create separate accounts within the sinking fund.
(4)
(4)(a) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act , invest any money contained in the sinking fund until it is needed for the purposes for which the fund was created.
(4)(b) Unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter, the treasurer:
(4)(b)(i) shall deposit all income from the investment of any sinking fund money into the sinking fund; and
(4)(b)(ii) may use it for the payment of debt service on the bonds.