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H.B. 236

1    

MUNICIPAL BUILDING AUTHORITY BOND ISSUANCE

2    
1997 GENERAL SESSION

3    
STATE OF UTAH

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Sponsor: David Ure

5    AN ACT RELATING TO MUNICIPAL BUILDING AUTHORITIES; SPECIFYING THE
6    TERMS AND CONDITIONS UNDER WHICH BONDS MAY BE ISSUED; AND MAKING
7    TECHNICAL CHANGES.
8    This act affects sections of Utah Code Annotated 1953 as follows:
9    AMENDS:
10         17A-3-909, as renumbered and amended by Chapter 186, Laws of Utah 1990
11    Be it enacted by the Legislature of the state of Utah:
12        Section 1. Section 17A-3-909 is amended to read:
13         17A-3-909. Bonds -- Terms and conditions.
14        (1) A building authority may issue and sell its bonds for the purpose of paying the costs
15    of acquiring, improving, or extending a project.
16        (2) Bonds shall be fully negotiable for all purposes, shall bear such date or dates, shall be
17    issued in such denominations and in such form, shall be serial bonds or term bonds, or both, shall
18    mature at such times not exceeding 40 years from date of issue, shall bear such interest rate or
19    rates, shall have such registration privileges, shall be executed in such manner, and shall be
20    payable at such places and in such medium of payment as shall be specified by the board of
21    trustees of the building authority in the proceedings authorizing the bonds.
22        (3) The board of trustees of the building authority may provide for an option to redeem
23    all or a part of the bonds issued prior to maturity upon terms established by it.
24        (4) The bonds shall be sold at public or private sale upon the terms, in the manner and at
25    such prices, either at, in excess of, or below their face value, as determined by the board of trustees
26    of the building authority.
27        (5) Bonds may be issued in one or more series.


1        (6) Bonds may not mature over a longer period than the estimated useful life of the project
2    to finance which the bonds are issued.
3        (7) No person executing any bond or leasing contract under this part shall be subject to
4    personal liability or accountability by reason of this.
5        (8) Bonds shall be authorized, executed, and issued in accordance with this part and the
6    articles of incorporation and the bylaws of the building authority.
7        (9) No bonds may be issued by a building authority unless the issuance of the bonds and
8    the terms of the bonds have been approved by the governing body of the public body.
9        (10) (a) Before issuing any bonds, the authority board shall give public notice of its intent
10    to issue bonds.
11        (b) The board shall submit the question of whether or not to issue any bond to the voters
12    for their approval or rejection if, within h [ 45 ] 30 h calendar days of the notice, a written petition
12a     requesting
13    an election and signed by at least h [5% ] 20% h of the registered voters in the public body is filed
13a     with the
14    authority board.




Legislative Review Note
    as of 1-10-97 4:33 PM


A limited legal review of this bill raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel










lilac-February 24, 1997

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