Utah Code § 11-14a-1
A local government entity may not adopt a new debt resolution unless it follows the section’s notice and hearing requirements.
- Bond financing
- Debt finance
- Debt instruments
- Debt issuance
- Entity classification
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A local government entity may not adopt a new debt resolution unless it follows the section’s notice and hearing requirements.
Short title. This chapter is known as the "Utah Industrial Facilities and Development Act."
Purpose of chapter. The purposes of this chapter are to stimulate the economic growth of the state, to promote employment and achieve greater industrial development in the state, to maintain or enlarge domestic or foreign markets for Utah
Tax exemption for property and bonds -- Exception. All property acquired or held by the county or municipality under this chapter is declared to be public property used for essential public and governmental purposes; and all such property
This section says the act should not be read to restrict or limit any powers a county or municipality otherwise has under state law.
The bonds may be treated as lawful investments for listed public and private fiduciaries, and may also be deposited with and received by certain state or municipal officers and agencies when a bond deposit is legally authorized.
Utah pledges not to alter, impair, or limit vested rights under covered bonds or county/municipal contracts until the bonds are paid and discharged and the contracts are fully performed, unless adequate protection is provided by law.
Bonds issued under this act are exempt from Title 70A, Uniform Commercial Code.
Public bidding laws and rules not applicable. The provisions of the various laws of the state of Utah and the rules or ordinances of the county or municipality which would otherwise require public bidding in respect to the acquisition,
Publication of resolutions and notice of bonds to be issued. The governing body may provide for the publication of any resolution or other proceeding adopted by it under this chapter, including all resolutions providing for the sale or
A governing body entering into certain agreements may publish the authorizing resolution, attach the agreement as an exhibit, and allow inspection of a copy for at least 30 days after publication.
State universities granted same powers as municipalities and counties -- Authority to issue bonds. The Utah Board of Higher Education may, on behalf of the University of Utah and Utah State University exercise all powers granted to
The Governor's Office of Economic Development has municipal powers for this chapter and the Utah Interlocal Cooperation Act, but only for economic development or new venture investment fund projects, and it may not use those powers to create general state obligations.
Definitions. As used in this chapter: "Bonds" means bonds, notes, or other evidences of indebtedness. "Clean energy system" means a product, system, device, or interacting group of devices that is permanently affixed to real property and
The Utah Charter School Finance Authority may exercise municipal and county powers under this chapter, subject to the same limitations, except as provided by the Charter School Credit Enhancement Program.
Municipalities, counties, and state universities may finance, acquire, lease, sell, and manage projects and industrial parks, issue revenue bonds, and enter related interlocal and security agreements, subject to stated limits.
The Utah Inland Port Authority and the military installation development authority are governed by this chapter as if each were a municipality.
Municipal or county bonds issued under this chapter are limited obligations, not general obligations backed by general credit or taxing power, and that limitation must be stated on the bond face.
The governing body’s bond proceedings may set bond terms, including variable-rate interest methods, issuance and sale conditions, responsible officers, maximum outstanding amount, payment source, and other necessary details.
Security for bonds -- Provisions in security agreements -- Limitations -- Liens. The principal of and interest on any bonds issued under this chapter: shall be secured by a pledge and assignment of the revenues out of which the bonds are
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