Title 11 Cities, Counties, and Local Taxing Units Chapter 17 Utah Industrial Facilities and Development Act Section 7 Disposition of proceeds of bonds.
11-17-7.Disposition of proceeds of bonds.
The proceeds from the sale of any bonds issued under this act shall be applied only for the
purposes for which the bonds were issued; but any accrued interest and premium received upon
any such sale shall be applied to the payment of the principal of or the interest on the bonds sold,
and if for any reason any portion of such proceeds shall not be needed for the purposes for which
the bonds were issued, then such unneeded portion of such proceeds shall be applied to the
payment of the principal of or the interest on such bonds or in accordance with such other plan or
device for the furtherance of the project and the protection of the bondholder as the governing
body shall deem appropriate under the circumstances.
Amended by Chapter 206, 1986 General Session
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