H.B. 5

1

PUBLICATION OF RESOLUTION OR NOTICE
2 2004 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: Eric K. Hutchings
5
6 LONG TITLE
7 General Description:
8 This bill modifies the State Financing Consolidation Act.
9 Highlighted Provisions:
10 This bill:
11 . makes a technical correction to make the sentence grammatically correct.
12 Monies Appropriated in this Bill:
13 None
14 Other Special Clauses:
15 None
16 Utah Code Sections Affected:
17 AMENDS:
18 63-65-8.2, as enacted by Chapter 313, Laws of Utah 2003
19
20 Be it enacted by the Legislature of the state of Utah:
21 Section 1. Section 63-65-8.2 is amended to read:
22 63-65-8.2. Publication of resolution or notice -- Limitation on actions to contest
23 legality.
24 (1) The commission may either:
25 (a) publish once in a newspaper having general circulation in Utah any resolution
26 adopted by it; or
27 (b) in lieu of publishing the entire resolution, publish a notice of revenue bonds to be

28 issued, titled as such, containing:
29 (i) the purpose of the revenue bond issue;
30 (ii) the maximum principal amount that may be issued;
31 (iii) the maximum number of years over which the revenue bonds may mature;
32 (iv) the maximum interest rate that the revenue bonds may bear, if any;
33 (v) the maximum discount from par, expressed as a percentage of principal amount, at
34 which the revenue bonds may be sold; and
35 (vi) a statement that a copy of the resolution or other bond document may be examined
36 at the office of the state treasurer during regular business hours for at least 30 days after the
37 publication of the notice.
38 (2) For 30 days after the date of publication, any interested person may contest:
39 (a) the legality of the resolution or other bond document;
40 (b) any of the revenue bonds authorized under it; or
41 (c) any of the provisions made for the repayment of the revenue bonds.
42 (3) After 30 days, a person may not, for any cause, contest:
43 (a) the legality of the resolution or other bond document;
44 (b) any of the revenue bonds authorized under the resolution or other bond document;
45 or
46 (c) any of the provisions made for the security and repayment of the revenue bonds.




Legislative Review Note
as of 6-18-03 12:03 PM

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

Office of Legislative Research and General Counsel

Interim Committee Note
as of 12-09-03 8:43 AM

The Government Operations Interim Committee recommended this bill.