Utah Code 63B-1b-601. Publication of resolution or notice — Limitation on actions to contest legality
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(1) The commission may either:
Terms Used In Utah Code 63B-1b-601
- Bond document: means :(4)(a) a resolution of the commission; or(4)(b) an indenture or other similar document authorized by the commission that authorizes and secures outstanding revenue bonds from time to time. See Utah Code 63B-1b-102
- Commission: means the State Bonding Commission, created in Section 63B-1-201. See Utah Code 63B-1b-102
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- 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
(1)(a) publish once in a newspaper having general circulation in Utah any resolution adopted by it; or
(1)(b) in lieu of publishing the entire resolution, publish a notice of revenue bonds to be issued, titled as such, containing:
(1)(b)(i) the purpose of the revenue bond issue;
(1)(b)(ii) the maximum principal amount that may be issued;
(1)(b)(iii) the maximum number of years over which the revenue bonds may mature;
(1)(b)(iv) the maximum interest rate that the revenue bonds may bear, if any;
(1)(b)(v) the maximum discount from par, expressed as a percentage of principal amount, at which the revenue bonds may be sold; and
(1)(b)(vi) a statement that a copy of the resolution or other bond document may be examined at the office of the state treasurer during regular business hours for at least 30 days after the publication of the notice.
(2) For 30 days after the date of publication, any interested person may contest:
(2)(a) the legality of the resolution or other bond document;
(2)(b) any of the revenue bonds authorized under it; or
(2)(c) any of the provisions made for the repayment of the revenue bonds.
(3) After 30 days, a person may not, for any cause, contest:
(3)(a) the legality of the resolution or other bond document;
(3)(b) any of the revenue bonds authorized under the resolution or other bond document; or
(3)(c) any of the provisions made for the security and repayment of the revenue bonds.