Utah Refunding Bond Act

Utah · 11 · §§ 11-27-1 to 11-27-9 · 11 sections

Overview

The act authorizes the issuance of refunding bonds — obligations issued to refinance debt already outstanding — and sets out the terms and procedures governing how they are created, sold, secured, and repaid. It fixes the amount that may be authorized, identifies the officials responsible for issuing and authenticating the bonds, and governs their maturities, interest, division into separate series, and sale, together with mechanics such as temporary bonds and the replacement of lost bonds or coupons. It further directs how bond proceeds and accrued interest are applied, allows amounts held in trust to serve as security, establishes a pledge for repayment, and addresses appropriations, insufficiency of funds, and reporting back to the legislature.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Utah Code § 11-27-1Short title -- Recital of authority required on face of bonds
Utah Code § 11-27-10Legal investment status of refunding bonds
Utah Code § 11-27-2Definitions
Utah Code § 11-27-3Action by resolution of governing body -- Purposes for bond issue -- Exchange or sale -- Interest rate limitations inapplicable -- Principal amount -- Investment of proceeds -- Safekeeping and application of proceeds -- Computing indebtedness -- Payment of bonds -- Combination issues -- Laws applicable to issuance -- Payment from taxes or pledged revenues
Utah Code § 11-27-3.5Tax levy to pay state refunding bonds -- Sinking fund -- Payments -- Abatement of tax -- Investment of fund -- Interest rates on bonds -- Security for bonds
Utah Code § 11-27-4Publication of resolution -- Notice of bond issue -- Contest of resolution or proceeding
Utah Code § 11-27-5Negotiability of bonds -- Intent and construction of chapter -- Budget for payment of bonds -- Proceedings limited to those required by chapter -- Notice -- No election required -- Application of chapter
Utah Code § 11-27-6Bonds and interest exempt from taxation except corporate franchise tax
Utah Code § 11-27-7Chapter inapplicable to anticipation bonds and obligations
Utah Code § 11-27-8Chapter controlling in conflict of laws
Utah Code § 11-27-9Prerequisites to issuance of state general obligation refunding bonds

Enacted in other states

New Jersey, Washington

All Utah named statutes →

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