Utah Code 63B-8-204. Manner of issuance — Amounts, interest, and maturity
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(1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution.
Terms Used In Utah Code 63B-8-204
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 15 years after the dated date of the bonds.