Utah Code 63B-7-408. Creation of sinking fund
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(1) There is created a sinking fund, to be administered by the state treasurer, entitled the “1998 General Obligation Project Bonds Sinking Fund.”
Terms Used In Utah Code 63B-7-408
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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 proceeds of all taxes levied under this chapter are appropriated to this fund.
(4) The state treasurer may create separate accounts within the sinking fund for each series of bonds issued.