Utah Code 63B-1b-401. Pledge of agency bonds to pay revenue bonds — Contents of financing agreements — Use of money received by authorizing agencies
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(1) Subject to the requirements of this chapter, and with the approval of the relevant authorizing agency, the State Bonding Commission may pledge, assign, or otherwise transfer any agency bonds, any money payable on or with respect to them, any legally available money or other security administered by an authorizing agency, or any combination of bonds, money, or other security to provide for the payment of revenue bonds issued under Section 63B-1b-402 and the payment of any amounts due under agreements and contracts described in Subsection 63B-1b-402(9) .
Terms Used In Utah Code 63B-1b-401
- Agency bonds: means any bond, note, contract, or other evidence of indebtedness representing loans or grants made by an authorizing agency. See Utah Code 63B-1b-102
- Authorizing agency: means the board, person, or unit with legal responsibility for administering and managing revolving loan funds. See Utah Code 63B-1b-102
- Commission: means the State Bonding Commission, created in Section 63B-1-201. See Utah Code 63B-1b-102
- Revenue bonds: means any special fund revenue bonds issued under this chapter. See Utah Code 63B-1b-102
- 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)
(2)(a) Before issuing revenue bonds under Section 63B-1b-402 , the commission shall enter into a financing agreement with the appropriate authorizing agency or agencies.
(2)(b) This agreement shall specify:
(2)(b)(i) any agency bonds, money, or other security to be pledged by the commission to provide for the payment of the revenue bonds;
(2)(b)(ii) the amount to be paid to the order of the authorizing agency or agencies for the agency bonds, money, or other security; and
(2)(b)(iii) other matters that the commission considers necessary or appropriate.
(3) The amounts received by each authorizing agency from the proceeds of the revenue bonds, together with all amounts paid to the authorizing agencies pursuant to Subsection 63B-1b-402(10) , shall be applied by the authorizing agency as authorized by the law creating or authorizing the loan or grant program of the authorizing agency.