Terms Used In Utah Code > Title 11 > Chapter 42 > Part 6 - Interim Warrants, Bond Anticipation Notes, Assessment Bonds, and Refunding Assessment Bonds

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Artificial intelligence: means a machine-based system that makes predictions, recommendations, or decisions influencing real or virtual environments. See Utah Code 13-72-101
• Artificial intelligence technology: means a computer system, application, or other product that uses or incorporates one or more forms of artificial intelligence. See Utah Code 13-72-101
• Assessment area: means an area, or, if more than one area is designated, the aggregate of all areas within a local entity's jurisdictional boundaries that is designated by a local entity under Part 2, Designating an Assessment Area, for the purpose of financing the costs of improvements, operation and maintenance, or economic promotion activities that benefit property within the area. See Utah Code 11-42-102
• Assessment bonds: means bonds that are:
       (3)(a) issued under Section 11-42-605; and
       (3)(b) payable in part or in whole from assessments levied in an assessment area, improvement revenues, and a guaranty fund or reserve fund. See Utah Code 11-42-102
• Assessment lien: means a lien on property within an assessment area that arises from the levy of an assessment, as provided in Section 11-42-501. See Utah Code 11-42-102
• Assessment ordinance: means an ordinance adopted by a local entity under Section 11-42-404 that levies an assessment on benefitted property within an assessment area. See Utah Code 11-42-102
• Assessment resolution: means a resolution adopted by a local entity under Section 11-42-404 that levies an assessment on benefitted property within an assessment area. See Utah Code 11-42-102
• Automatic renewal provision: means a provision under a contract that is automatically renewed at the end of a definite, paid term for a subsequent, paid term that is longer than 45 days. See Utah Code 13-70-101
• Benefitted property: means property within an assessment area that directly or indirectly benefits from improvements, operation and maintenance, or economic promotion activities. See Utah Code 11-42-102
• Bond anticipation notes: means notes issued under Section 11-42-602 in anticipation of the issuance of assessment bonds. See Utah Code 11-42-102
• Bonds: means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102
• Business entity: means a sole proprietorship, partnership, limited partnership, limited liability company, corporation, or other legal entity that is:
       (1)(a) used to carry on a business for profit; and
       (1)(b) a participant in the sandbox. See Utah Code 13-69-101
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Court rule: means rules of procedure, evidence, or practice for use of the courts of this state. See Utah Code 13-69-101
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the Department of Commerce. See Utah Code 13-72-101
• Director: means the director of the office. See Utah Code 13-72-101
• Division: means the Division of Consumer Protection established in Section 13-2-1. See Utah Code 13-70-101
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executive director: means the executive director of the Department of Commerce. See Utah Code 13-72-101
• Governing body: means :
       (22)(a) for a county, city, or town, the legislative body of the county, city, or town;
       (22)(b) for a special district, the board of trustees of the special district;
       (22)(c) for a special service district:

            (22)(c)(i) the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or

            (22)(c)(ii) the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;
       (22)(d) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
       (22)(e) for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and
       (22)(f) for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102
• Guaranty fund: means the fund established by a local entity under Section 11-42-701. See Utah Code 11-42-102
• Incidental refunding costs: means any costs of issuing refunding assessment bonds and calling, retiring, or paying prior bonds, including:
       (27)(a) legal and accounting fees;
       (27)(b) charges of financial advisors, escrow agents, certified public accountant verification entities, and trustees;
       (27)(c) underwriting discount costs, printing costs, the costs of giving notice;
       (27)(d) any premium necessary in the calling or retiring of prior bonds;
       (27)(e) fees to be paid to the local entity to issue the refunding assessment bonds and to refund the outstanding prior bonds;
       (27)(f) any other costs that the governing body determines are necessary and proper to incur in connection with the issuance of refunding assessment bonds; and
       (27)(g) any interest on the prior bonds that is required to be paid in connection with the issuance of the refunding assessment bonds. See Utah Code 11-42-102
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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}
• Interim warrant: means a warrant issued by a local entity under Section 11-42-601. See Utah Code 11-42-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Learning laboratory: means the artificial intelligence analysis and research program created in Section 13-72-301. See Utah Code 13-72-101
• Lien: A claim against real or personal property in satisfaction of a debt.
• Local entity: means :
       (31)(a) a county, city, town, special service district, or special district;
       (31)(b) an interlocal entity as defined in Section 11-13-103;
       (31)(c) the military installation development authority, created in Section 63H-1-201;
       (31)(d) a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;
       (31)(e) the Utah Inland Port Authority, created in Section 11-58-201; or
       (31)(f) any other political subdivision of the state. See Utah Code 11-42-102
• Local entity obligations: means assessment bonds, refunding assessment bonds, interim warrants, and bond anticipation notes issued by a local entity. See Utah Code 11-42-102
• Mailing address: means :
       (33)(a) a property owner's last-known address using the name and address appearing on the last completed real property assessment roll of the county in which the property is located; and
       (33)(b) if the property is improved property:

            (33)(b)(i) the property's street number; or

            (33)(b)(ii) the post office box, rural route number, or other mailing address of the property, if a street number has not been assigned. See Utah Code 11-42-102
• 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.
• Office: means the Office of Artificial Intelligence Policy created in Section 13-74-201. See Utah Code 13-72-101
• Overhead costs: means the actual costs incurred or the estimated costs to be incurred by a local entity in connection with an assessment area for appraisals, legal fees, filing fees, financial advisory charges, underwriting fees, placement fees, escrow, trustee, and paying agent fees, publishing and mailing costs, costs of levying an assessment, recording costs, and all other incidental costs. See Utah Code 11-42-102
• Oversight: Committee review of the activities of a Federal agency or program.
• Participant: means a business entity or a business entity's officer, director, partner, or employee that provides legal services under the sandbox:
       (4)(a) to a person other than the business entity; and
       (4)(b) for the business entity's profit. See Utah Code 13-69-101
• Participant: means a person that is accepted to participate in the learning laboratory. See Utah Code 13-72-101
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Prior bonds: means the assessment bonds that are refunded in part or in whole by refunding assessment bonds. See Utah Code 11-42-102
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Project engineer: means the surveyor or engineer employed by or the private consulting engineer engaged by a local entity to perform the necessary engineering services for and to supervise the construction or installation of the improvements. See Utah Code 11-42-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102
• Property price: means the price at which a local entity purchases or acquires by eminent domain property to make improvements in an assessment area. See Utah Code 11-42-102
• Reduced payment obligation: means the full obligation of an owner of property within an assessment area to pay an assessment levied on the property after the assessment has been reduced because of the issuance of refunding assessment bonds, as provided in Section 11-42-608. See Utah Code 11-42-102
• Refunding assessment bonds: means assessment bonds that a local entity issues under Section 11-42-607 to refund, in part or in whole, assessment bonds. See Utah Code 11-42-102
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Rental agreement: means any agreement, written or oral, which establishes or modifies the terms, conditions, rules, or any other provisions regarding the use or occupancy of real property for residential or commercial purposes. See Utah Code 13-70-101
• Reserve fund: means a fund established by a local entity under Section 11-42-702. See Utah Code 11-42-102
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Sandbox: means the regulatory sandbox program established by the Utah Supreme Court for authorizing nontraditional legal service providers to practice law on a limited and temporary basis under Utah Supreme Court Rule of Professional Practice 14-802. See Utah Code 13-69-101
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trial period offer: means an offer to provide a period of time to sample or use a product or service without payment. See Utah Code 13-70-101
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• 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.