United States — Utah Act or statute

United States — Utah legislation

Utah Code § 10-5-120

The town council may authorize certain interfund loans and buy unmatured town bonds for investment, subject to stated conditions.

Source excerpt

bond investmentbudget noticebudgetinginterfund lendinginterfund loansloan interestloan interest calculationloan interest ratemunicipal financepublic financepublic hearingpublic hearingspublic notice

Jurisdiction: United States — Utah
Status: In force
Dates: Legal dates not recorded

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“The town council may authorize certain interfund loans and buy unmatured town bonds for investment, subject to stated conditions.”

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Loans between funds -- Bonds purchased by funds.

The town council may authorize certain interfund loans and buy unmatured town bonds for investment, subject to stated conditions.

Section 10-5-120

Subsection 10-5-120(2)(d)

amount of the loan;

Section 10-5-120(2)(d)

Subsection 10-5-120(4)

The town council must set the loan interest rate by reference to potential gain from a comparable investment, and it may not set the rate below specified minimum benchmarks tied to the Public Treasurers' Investment Fund or, for longer loans, a comparable U.S.…

Section 10-5-120(4)

Subsection 10-5-120(5)

For an interfund loan under Subsection (1)(a), the town council must hold a public hearing, give written notice of the hearing and loan terms, provide notice as for a budget hearing, and approve the loan by ordinance or resolution in a public meeting.

Section 10-5-120(5)

Subsection 10-5-120(6)(b)

a short-term advance from the town's cash and investment pool to individual funds that are repaid by the end of the fiscal year.

Section 10-5-120(6)(b)

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Showing 34 of 34 provisions

Provision 31Amendment 3

§ 10-5-120Loans between funds -- Bonds purchased by funds.Amendment

Source excerpt

The town council may authorize certain interfund loans and buy unmatured town bonds for investment, subject to stated conditions.

Loans between funds -- Bonds purchased by funds. Subject to this section, restrictions imposed by bond ordinance, or other controlling regulations, the town council may: subject to the restrictions in Section 53-2a-605 , authorize an interfund loan from one fund to another; and with available cash in any fund, purchase or otherwise acquire for investment an unmatured bond of the town or of any fund of the town. An interfund loan under Subsection (1)(a) shall be in writing and specify the terms and conditions of the loan, including the: effective date of the loan; name of the fund loaning the money; name of the fund receiving the money; amount of the loan; subject to Subsection (3), term of and repayment schedule for the loan; subject to Subsection (4), interest rate of the loan; method of calculating interest applicable to the loan; procedures for: applying interest to the loan; and paying interest on the loan; and other terms and conditions the town council determines applicable. The term and repayment schedule specified under Subsection (2)(e) may not exceed 10 years. In determining the interest rate of the loan specified under Subsection (2)(f), the town council shall apply an interest rate that reflects the rate of potential gain had the funds been deposited or invested in a comparable investment. Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term. For an interfund loan under Subsection (1)(a), the town council shall: hold a public hearing; prepare a written notice of the date, time, place, and purpose of the hearing, and the proposed terms and conditions of the interfund loan under Subsection (2); provide notice of the public hearing in the same manner as required under Subsection 10-5-108(2) as if the hearing were a budget hearing; and authorize the interfund loan by ordinance or resolution in a public meeting. The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the town council for the current fiscal year. Subsections (2) through (5) do not apply to an interfund loan if the interfund loan is: a loan from the town general fund to any other fund of the town; or a short-term advance from the town's cash and investment pool to individual funds that are repaid by the end of the fiscal year.

Section 10-5-120Verify source

§ 10-5-120(1)Subsection 10-5-120(1)Provision

Source excerpt

The town council may authorize an interfund loan and may buy or otherwise acquire an unmatured town bond for investment, if the section’s restrictions and any bond ordinance or other controlling regulations allow it.

Subject to this section, restrictions imposed by bond ordinance, or other controlling regulations, the town council may: subject to the restrictions in Section 53-2a-605 , authorize an interfund loan from one fund to another; and with available cash in any fund, purchase or otherwise acquire for investment an unmatured bond of the town or of any fund of the town.

Section 10-5-120(1)Verify source

§ 10-5-120(1)(a)Subsection 10-5-120(1)(a)Provision

Source excerpt

Subject to Section 53-2a-605, the subject may authorize an interfund loan from one fund to another.

subject to the restrictions in Section 53-2a-605 , authorize an interfund loan from one fund to another; and

Section 10-5-120(1)(a)Verify source

§ 10-5-120(1)(b)Subsection 10-5-120(1)(b)Provision

Source excerpt

with available cash in any fund, purchase or otherwise acquire for investment an unmatured bond of the town or of any fund of the town.

Section 10-5-120(1)(b)Verify source

§ 10-5-120(2)Subsection 10-5-120(2)Provision

Source excerpt

An interfund loan under Subsection (1)(a) must be in writing and must state the loan terms, including the effective date, the funds involved, the amount, repayment terms, interest details, and any other terms the town council applies.

An interfund loan under Subsection (1)(a) shall be in writing and specify the terms and conditions of the loan, including the: effective date of the loan; name of the fund loaning the money; name of the fund receiving the money; amount of the loan; subject to Subsection (3), term of and repayment schedule for the loan; subject to Subsection (4), interest rate of the loan; method of calculating interest applicable to the loan; procedures for: applying interest to the loan; and paying interest on the loan; and other terms and conditions the town council determines applicable.

Section 10-5-120(2)Verify source

§ 10-5-120(2)(a)Subsection 10-5-120(2)(a)Provision

Source excerpt

effective date of the loan;

Section 10-5-120(2)(a)Verify source

§ 10-5-120(2)(b)Subsection 10-5-120(2)(b)Provision

Source excerpt

Refers to the fund that loaned the money.

name of the fund loaning the money;

Section 10-5-120(2)(b)Verify source

§ 10-5-120(2)(c)Subsection 10-5-120(2)(c)Provision

Source excerpt

name of the fund receiving the money;

Section 10-5-120(2)(c)Verify source

§ 10-5-120(2)(d)Subsection 10-5-120(2)(d)Provision

Source excerpt

amount of the loan;

Section 10-5-120(2)(d)Verify source

§ 10-5-120(2)(e)Subsection 10-5-120(2)(e)Provision

Source excerpt

The term of and repayment schedule for the loan are subject to Subsection (3).

subject to Subsection (3), term of and repayment schedule for the loan;

Section 10-5-120(2)(e)Verify source

§ 10-5-120(2)(f)Subsection 10-5-120(2)(f)Provision

Source excerpt

subject to Subsection (4), interest rate of the loan;

Section 10-5-120(2)(f)Verify source

§ 10-5-120(2)(g)Subsection 10-5-120(2)(g)Provision

Source excerpt

method of calculating interest applicable to the loan;

Section 10-5-120(2)(g)Verify source

§ 10-5-120(2)(h)Subsection 10-5-120(2)(h)Provision

Source excerpt

procedures for: applying interest to the loan; and paying interest on the loan; and

Section 10-5-120(2)(h)Verify source

§ 10-5-120(2)(h)(i)Subsection 10-5-120(2)(h)(i)Provision

Source excerpt

applying interest to the loan; and

Section 10-5-120(2)(h)(i)Verify source

§ 10-5-120(2)(h)(ii)Subsection 10-5-120(2)(h)(ii)Provision

Source excerpt

paying interest on the loan; and

Section 10-5-120(2)(h)(ii)Verify source

§ 10-5-120(2)(i)Subsection 10-5-120(2)(i)Provision

Section 10-5-120(2)(i)Verify source

§ 10-5-120(3)Subsection 10-5-120(3)Provision

Source excerpt

The term and repayment schedule specified under Subsection (2)(e) may not exceed 10 years.

Section 10-5-120(3)Verify source

§ 10-5-120(4)Subsection 10-5-120(4)Provision

Source excerpt

In determining the interest rate of the loan specified under Subsection (2)(f), the town council shall apply an interest rate that reflects the rate of potential gain had the funds been deposited or invested in a comparable investment. Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.

Section 10-5-120(4)Verify source

§ 10-5-120(4)(a)Subsection 10-5-120(4)(a)Provision

Source excerpt

The town council must set the loan interest rate to reflect the potential gain from depositing or investing the funds in a comparable investment.

Section 10-5-120(4)(a)Verify source

§ 10-5-120(4)(b)Subsection 10-5-120(4)(b)Provision

Source excerpt

Notwithstanding Subsection (4)(a), the interest rate of the loan specified under Subsection (2)(f): if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.

Section 10-5-120(4)(b)Verify source

§ 10-5-120(4)(b)(i)Subsection 10-5-120(4)(b)(i)Provision

Source excerpt

if the term of the loan under Subsection (2)(e) is one year or less, may not be less than the rate offered by the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or

Section 10-5-120(4)(b)(i)Verify source

§ 10-5-120(4)(b)(ii)Subsection 10-5-120(4)(b)(ii)Provision

Source excerpt

If the loan term under Subsection (2)(e) is more than one year, the rate may not be less than the greater of two benchmark rates.

if the term of the loan under Subsection (2)(e) is more than one year, may not be less than the greater of the rate offered by: the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or a United States Treasury note of a comparable term.

Section 10-5-120(4)(b)(ii)Verify source

§ 10-5-120(4)(b)(ii)(A)Subsection 10-5-120(4)(b)(ii)(A)Provision

Source excerpt

the Public Treasurers' Investment Fund as defined in Section 51-7-3 ; or

Section 10-5-120(4)(b)(ii)(A)Verify source

§ 10-5-120(4)(b)(ii)(B)Subsection 10-5-120(4)(b)(ii)(B)Provision

Source excerpt

a United States Treasury note of a comparable term.

Section 10-5-120(4)(b)(ii)(B)Verify source

§ 10-5-120(5)Subsection 10-5-120(5)Amendment

Source excerpt

For an interfund loan under Subsection (1)(a), the town council shall: hold a public hearing; prepare a written notice of the date, time, place, and purpose of the hearing, and the proposed terms and conditions of the interfund loan under Subsection (2); provide notice of the public hearing in the same manner as required under Subsection 10-5-108(2) as if the hearing were a budget hearing; and authorize the interfund loan by ordinance or resolution in a public meeting. The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the town council for the current fiscal year.

Section 10-5-120(5)Verify source

§ 10-5-120(5)(a)Subsection 10-5-120(5)(a)Provision

Source excerpt

For an interfund loan under Subsection (1)(a), the town council must hold a public hearing, prepare written notice, give notice as required by Subsection 10-5-108(2), and authorize the loan by ordinance or resolution in a public meeting.

Section 10-5-120(5)(a)Verify source

§ 10-5-120(5)(a)(i)Subsection 10-5-120(5)(a)(i)Provision

Source excerpt

Must hold a public hearing.

hold a public hearing;

Section 10-5-120(5)(a)(i)Verify source

§ 10-5-120(5)(a)(ii)Subsection 10-5-120(5)(a)(ii)Provision

Section 10-5-120(5)(a)(ii)Verify source

§ 10-5-120(5)(a)(iii)Subsection 10-5-120(5)(a)(iii)Provision

Source excerpt

Notice of the public hearing must be given in the same manner required for Subsection 10-5-108(2), as if the hearing were a budget hearing.

provide notice of the public hearing in the same manner as required under Subsection 10-5-108(2) as if the hearing were a budget hearing; and

Section 10-5-120(5)(a)(iii)Verify source

§ 10-5-120(5)(a)(iv)Subsection 10-5-120(5)(a)(iv)Provision

Source excerpt

authorize the interfund loan by ordinance or resolution in a public meeting.

Section 10-5-120(5)(a)(iv)Verify source

§ 10-5-120(5)(b)Subsection 10-5-120(5)(b)Amendment

Source excerpt

The notice and hearing requirements in Subsection (5)(a) are satisfied if the interfund loan is included in an original budget or in a subsequent budget amendment previously approved by the town council for the current fiscal year.

Section 10-5-120(5)(b)Verify source

§ 10-5-120(6)Subsection 10-5-120(6)Provision

Source excerpt

Subsections (2) through (5) do not apply to certain interfund loans, including loans from the town general fund to another town fund and short-term advances from the town's cash and investment pool that are repaid by the end of the fiscal year.

Subsections (2) through (5) do not apply to an interfund loan if the interfund loan is: a loan from the town general fund to any other fund of the town; or a short-term advance from the town's cash and investment pool to individual funds that are repaid by the end of the fiscal year.

Section 10-5-120(6)Verify source

§ 10-5-120(6)(a)Subsection 10-5-120(6)(a)Provision

Source excerpt

a loan from the town general fund to any other fund of the town; or

Section 10-5-120(6)(a)Verify source

§ 10-5-120(6)(b)Subsection 10-5-120(6)(b)Provision

Source excerpt

a short-term advance from the town's cash and investment pool to individual funds that are repaid by the end of the fiscal year.

Section 10-5-120(6)(b)Verify source

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Utah Code § 10-5-120

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