Utah Code 63B-8-404. 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-8-404
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- 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
- 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 rate or rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 20 years after the date of final passage of this chapter.