Utah Code 63B-5-107. Tax levy — Abatement of tax
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(1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay:
Terms Used In Utah Code 63B-5-107
- 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) applicable bond redemption premiums, if any;
(1)(b) interest on the bonds as it becomes due; and
(1)(c) principal of the bonds as it becomes due.
(2)
(2)(a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(2)(b) The tax shall be collected and the proceeds applied as provided in this chapter.
(3) The direct annual tax imposed under this section is abated to the extent money is available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond interest, principal, and redemption premiums.