H.B. 236 Enrolled

MUNICIPAL BUILDING AUTHORITY BOND ISSUANCE
1997 GENERAL SESSION
STATE OF UTAH
Sponsor: David Ure
AN ACT RELATING TO MUNICIPAL BUILDING AUTHORITIES; SPECIFYING THE
TERMS AND CONDITIONS UNDER WHICH BONDS MAY BE ISSUED; AND
MAKING TECHNICAL CHANGES.
This act affects sections of Utah Code Annotated 1953 as follows:
AMENDS:
17A-3-909, as renumbered and amended by Chapter 186, Laws of Utah 1990
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 17A-3-909 is amended to read:
17A-3-909. Bonds -- Terms and conditions.
(1) A building authority may issue and sell its bonds for the purpose of paying the costs
of acquiring, improving, or extending a project.
(2) Bonds shall be fully negotiable for all purposes, shall bear such date or dates, shall be
issued in such denominations and in such form, shall be serial bonds or term bonds, or both, shall
mature at such times not exceeding 40 years from date of issue, shall bear such interest rate or
rates, shall have such registration privileges, shall be executed in such manner, and shall be
payable at such places and in such medium of payment as shall be specified by the board of
trustees of the building authority in the proceedings authorizing the bonds.
(3) The board of trustees of the building authority may provide for an option to redeem
all or a part of the bonds issued prior to maturity upon terms established by it.
(4) The bonds shall be sold at public or private sale upon the terms, in the manner and at
such prices, either at, in excess of, or below their face value, as determined by the board of trustees
of the building authority.
(5) Bonds may be issued in one or more series.
(6) Bonds may not mature over a longer period than the estimated useful life of the project
to finance which the bonds are issued.

(7) No person executing any bond or leasing contract under this part shall be subject to
personal liability or accountability by reason of this.
(8) Bonds shall be authorized, executed, and issued in accordance with this part and the
articles of incorporation and the bylaws of the building authority.
(9) No bonds may be issued by a building authority unless the issuance of the bonds and the
terms of the bonds have been approved by the governing body of the public body.
(10) (a) Before issuing any bonds, the authority board shall give public notice of its intent
to issue bonds.
(b) The board shall submit the question of whether or not to issue any bond to the voters for
their approval or rejection if, within 30 calendar days of the notice, a written petition requesting an
election and signed by at least 20% of the registered voters in the public body is filed with the
authority board.

- 2 -