11-14-302. Resolution -- Negotiability -- Registration -- Maturity -- Interest --
Payment -- Redemption -- Combining issues -- Sale -- Financing plan.
(1) Bonds issued under this chapter shall be authorized by resolution of the governing
body, shall be fully negotiable for all purposes, may be made registrable as to principal alone or
as to principal and interest, shall mature at such time or times not more than 40 years from their
date, shall bear interest at such rate or rates, if any, shall be payable at such place or places, shall
be in such form, shall be executed in such manner, may be made redeemable prior to maturity at
such times and on such terms, shall be sold in such manner and at such prices, either at, in excess
of, or below face value, and generally shall be issued in such manner and with such details as
may be provided by resolution; it being the express intention of the legislature that interest rate
limitations elsewhere appearing in the laws of Utah shall not apply to nor limit the rate of interest
on bonds issued under this chapter. The resolution shall specify either the rate or rates of
interest, if any, on the bonds or specify the method by which the interest rate or rates on the
bonds may be determined while the bonds are outstanding. If the resolution specifies a method
by which interest on the bonds may be determined, the resolution shall also specify the maximum
rate of interest the bonds may bear. Bonds voted for different purposes by separate propositions
at the same or different bond elections may in the discretion of the governing body be combined
and offered for sale as one issue of bonds. The resolution providing for this combination and the
printed bonds for the combined issue shall separately set forth the amount being issued for each
of the purposes provided for in each proposition submitted to the electors. If the local political
subdivision has retained a fiscal agent to assist and advise it with respect to the bonds and the
fiscal agent has received or is to receive a fee for such services, the bonds may be sold to the
fiscal agent but only if the sale is made pursuant to a sealed bid submitted by the fiscal agent at
an advertised public sale.
(2) (a) All bonds shall be paid by the treasurer of the local political subdivision or the
treasurer's duly authorized agent on their respective maturity dates or on the dates fixed for the
bonds redemption. All bond coupons, other than coupons cancelled because of the redemption of
the bonds to which they apply, shall similarly be paid on their respective dates or as soon
thereafter as the bonds or coupons are surrendered.
(b) Upon payment of a bond or coupon, the treasurer of the local political subdivision or
the treasurer's duly authorized agent, shall perforate the bond or coupon with a device suitable to
indicate payment.
(c) Any bonds or coupons which have been paid or cancelled may be destroyed by the
treasurer of the local political subdivision or by the treasurer's duly authorized agent.
(3) Bonds, bond anticipation notes, or tax anticipation notes with maturity dates of one
year or less may be authorized by a local political subdivision from time to time pursuant to a
plan of financing adopted by the governing body. The plan of financing shall specify the terms
and conditions under which the bonds or notes may be issued, sold, and delivered, the officers of
the local political subdivision authorized to issue the bonds or notes, the maximum amount of
bonds or notes which may be outstanding at any one time, the source or sources of payment of
the bonds or notes, and all other details necessary for issuance of the bonds or notes. Subject to
the Constitution, the governing body of the local political subdivision may include in the plan of
financing the terms and conditions of agreements which may be entered into by the local political
subdivision with banking institutions for letters of credit or for standby letters of credit to secure
the bonds or notes, including payment from any legally available source of fees, charges, or other
amounts coming due under the agreements entered into by the local political subdivision.
Amended by Chapter 83, 2006 General Session
Download Code Section Zipped WordPerfect 11_14_030200.ZIP 3,687 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Wednesday, October 08, 2008