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Cities, Counties, and Local Taxing Units | |
Local Government Bonding Act | |
Section 316 | Publication of notice, resolution, or other proceeding -- Contest. |
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11-14-316. Publication of notice, resolution, or other proceeding -- Contest. (1) The governing body of any local political subdivision may provide for the publication of any resolution or other proceeding adopted under this chapter: (a) in a newspaper having general circulation in the local political subdivision; and (b) as required in Section 45-1-101. (2) When publication involves a resolution or other proceeding providing for the issuance of bonds, the governing body may, in lieu of publishing the entire resolution or other proceeding, publish a notice of bonds to be issued, titled as such, containing: (a) the name of the issuer; (b) the purpose of the issue; (c) the type of bonds and the maximum principal amount which may be issued; (d) the maximum number of years over which the bonds may mature; (e) the maximum interest rate which the bonds may bear, if any; (f) the maximum discount from par, expressed as a percentage of principal amount, at which the bonds may be sold; (g) a general description of the security pledged for repayment of the bonds; and (h) the times and place where a copy of the resolution or other proceeding may be examined, which shall be: (i) at an office of the issuer; (ii) identified in the notice; (iii) during regular business hours of the issuer as described in the notice; and (iv) for a period of at least 30 days after the publication of the notice. (3) For a period of 30 days after the publication, any person in interest may contest: (a) the legality of such resolution or proceeding; (b) any bonds which may be authorized by such resolution or proceeding; or (c) any provisions made for the security and payment of the bonds. (4) A person shall contest the matters set forth in Subsection (3) by filing a verified written complaint in the district court of the county in which he resides within the 30-day period. (5) After the 30-day period, no person may contest the regularity, formality, or legality of the resolution or proceeding for any reason.
Amended by Chapter 145, 2011 General Session |
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