United States — Utah Act or statute

United States — Utah legislation

Utah Code § 10-6-132

Source excerpt

bond investmentbudget processinterest termsinterfund lendinginterfund loan procedureinterfund loansinvestmentloan documentationloan interest ratelocal government financemunicipal financenotice requirementspublic hearingpublic investment ratetreasury note comparison

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

On this page

Professional statute overview

Enactment structure, operative effect and source provenance

Official source

Purpose and legislative effect

“Loans by one fund to another -- Acquiring bonds for investment. Subject to this section, restrictions imposed by bond ordinance, or other controlling regulations, the governing body of a city may: subject to the restrictions in Section”

Use this record to locate individual provisions, understand the instrument’s recorded structure, and move from a research summary to the exact source text.

How the instrument operates

01
Start with the recorded version

Legal dates not recorded. The date shown identifies this source expression and should not be treated as proof that no later change exists.
02
Locate the controlling provision

Use the provision map, part headings and full-text filter to move from the broad subject to the exact legal language.
03
Read conditions and exceptions together

Keep subsections, definitions, provisos and cross-references in context before drawing a legal conclusion.
04
Verify currency and official wording

Confirm later legislation, commencement notices and corrections with the official publisher before advice, filing or reliance.

Research entry points

Selected provisions across the instrument. Open any row to continue with the exact stored text.

Loans by one fund to another -- Acquiring bonds for investment.

Section 10-6-132

Subsection 10-6-132(2)(d)

amount of the loan;

Section 10-6-132(2)(d)

Subsection 10-6-132(4)

The governing body must set the loan interest rate to reflect potential investment gain, and the rate must not fall below specified benchmark rates depending on the loan term.

Section 10-6-132(4)

Subsection 10-6-132(5)(a)

Section 10-6-132(5)(a)

Subsection 10-6-132(6)(b)

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

Section 10-6-132(6)(b)

Source and current-law status

In force source record

Source record from le.utah.gov · Legal dates not recorded

In force

This source records the instrument as in force. Confirm subsequent amendments, commencement notices, and judicial treatment before relying on it.

For advice, pleadings, or compliance decisions, retain the official source and confirm the current consolidated provision.

Official record

Source-indexed provision map

Sections and provisions

Search by section, heading, part or exact legal wording. Every result remains linked to the stored source record.

Search within this statute

Search all stored provisions in this version.

Showing 34 of 34 provisions

Provision 31Amendment 3

§ 10-6-132Loans by one fund to another -- Acquiring bonds for investment.Amendment

Source excerpt

Loans by one fund to another -- Acquiring bonds for investment. Subject to this section, restrictions imposed by bond ordinance, or other controlling regulations, the governing body of a city 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 city or of any fund of the city. 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 governing body 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 governing body 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 governing body 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 Section 10-6-113 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 governing body 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 city general fund to any other fund of the city; or a short-term advance from the city's cash and investment pool to individual funds that are repaid by the end of the fiscal year.

Section 10-6-132Verify source

§ 10-6-132(1)Subsection 10-6-132(1)Provision

Source excerpt

A city’s governing body may authorize certain interfund loans and may buy an unmatured city bond or fund bond for investment, subject to stated restrictions.

Subject to this section, restrictions imposed by bond ordinance, or other controlling regulations, the governing body of a city 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 city or of any fund of the city.

Section 10-6-132(1)Verify source

§ 10-6-132(1)(a)Subsection 10-6-132(1)(a)Provision

Source excerpt

An authority may authorize an interfund loan from one fund to another, subject to Section 53-2a-605 restrictions.

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

Section 10-6-132(1)(a)Verify source

§ 10-6-132(1)(b)Subsection 10-6-132(1)(b)Provision

Source excerpt

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

Section 10-6-132(1)(b)Verify source

§ 10-6-132(2)Subsection 10-6-132(2)Provision

Source excerpt

An interfund loan must be in writing and must state its key terms, including dates, parties, amount, repayment details, interest details, and any other terms the governing body decides apply.

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 governing body determines applicable.

Section 10-6-132(2)Verify source

§ 10-6-132(2)(a)Subsection 10-6-132(2)(a)Provision

Source excerpt

effective date of the loan;

Section 10-6-132(2)(a)Verify source

§ 10-6-132(2)(b)Subsection 10-6-132(2)(b)Provision

Source excerpt

name of the fund loaning the money;

Section 10-6-132(2)(b)Verify source

§ 10-6-132(2)(c)Subsection 10-6-132(2)(c)Provision

Source excerpt

name of the fund receiving the money;

Section 10-6-132(2)(c)Verify source

§ 10-6-132(2)(d)Subsection 10-6-132(2)(d)Provision

Source excerpt

amount of the loan;

Section 10-6-132(2)(d)Verify source

§ 10-6-132(2)(e)Subsection 10-6-132(2)(e)Provision

Source excerpt

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

Section 10-6-132(2)(e)Verify source

§ 10-6-132(2)(f)Subsection 10-6-132(2)(f)Provision

Source excerpt

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

Section 10-6-132(2)(f)Verify source

§ 10-6-132(2)(g)Subsection 10-6-132(2)(g)Provision

Source excerpt

method of calculating interest applicable to the loan;

Section 10-6-132(2)(g)Verify source

§ 10-6-132(2)(h)Subsection 10-6-132(2)(h)Provision

Source excerpt

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

Section 10-6-132(2)(h)Verify source

§ 10-6-132(2)(h)(i)Subsection 10-6-132(2)(h)(i)Provision

Source excerpt

applying interest to the loan; and

Section 10-6-132(2)(h)(i)Verify source

§ 10-6-132(2)(h)(ii)Subsection 10-6-132(2)(h)(ii)Provision

Source excerpt

paying interest on the loan; and

Section 10-6-132(2)(h)(ii)Verify source

§ 10-6-132(2)(i)Subsection 10-6-132(2)(i)Provision

Section 10-6-132(2)(i)Verify source

§ 10-6-132(3)Subsection 10-6-132(3)Provision

Source excerpt

The term and repayment schedule under Subsection (2)(e) may not be longer than 10 years.

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

Section 10-6-132(3)Verify source

§ 10-6-132(4)Subsection 10-6-132(4)Provision

Source excerpt

The governing body must set the loan interest rate to reflect potential investment gain, and the rate must not fall below specified benchmark rates depending on the loan term.

In determining the interest rate of the loan specified under Subsection (2)(f), the governing body 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 10-6-132(4)Verify source

§ 10-6-132(4)(a)Subsection 10-6-132(4)(a)Provision

Source excerpt

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

Section 10-6-132(4)(a)Verify source

§ 10-6-132(4)(b)Subsection 10-6-132(4)(b)Provision

Source excerpt

The loan interest rate must meet a minimum tied to the Public Treasurers' Investment Fund rate, and for loans over one year it must be at least the greater of that rate or a comparable U.S. Treasury note rate.

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 10-6-132(4)(b)Verify source

§ 10-6-132(4)(b)(i)Subsection 10-6-132(4)(b)(i)Provision

Source excerpt

If a loan term under Subsection (2)(e) is one year or less, the rate may not be below the Public Treasurers' Investment Fund rate.

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 10-6-132(4)(b)(i)Verify source

§ 10-6-132(4)(b)(ii)Subsection 10-6-132(4)(b)(ii)Provision

Source excerpt

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

Section 10-6-132(4)(b)(ii)Verify source

§ 10-6-132(4)(b)(ii)(A)Subsection 10-6-132(4)(b)(ii)(A)Provision

Source excerpt

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

Section 10-6-132(4)(b)(ii)(A)Verify source

§ 10-6-132(4)(b)(ii)(B)Subsection 10-6-132(4)(b)(ii)(B)Provision

Source excerpt

a United States Treasury note of a comparable term.

Section 10-6-132(4)(b)(ii)(B)Verify source

§ 10-6-132(5)Subsection 10-6-132(5)Amendment

Source excerpt

For an interfund loan under Subsection (1)(a), the governing body must hold a public hearing, give written notice, provide hearing notice as for a budget hearing, and authorize the loan by ordinance or resolution in a public meeting.

For an interfund loan under Subsection (1)(a), the governing body 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 Section 10-6-113 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 governing body for the current fiscal year.

Section 10-6-132(5)Verify source

§ 10-6-132(5)(a)Subsection 10-6-132(5)(a)Provision

Source excerpt

Section 10-6-132(5)(a)Verify source

§ 10-6-132(5)(a)(i)Subsection 10-6-132(5)(a)(i)Provision

Source excerpt

hold a public hearing;

Section 10-6-132(5)(a)(i)Verify source

§ 10-6-132(5)(a)(ii)Subsection 10-6-132(5)(a)(ii)Provision

Source excerpt

A written notice must be prepared for the hearing.

Section 10-6-132(5)(a)(ii)Verify source

§ 10-6-132(5)(a)(iii)Subsection 10-6-132(5)(a)(iii)Provision

Source excerpt

provide notice of the public hearing in the same manner as required under Section 10-6-113 as if the hearing were a budget hearing; and

Section 10-6-132(5)(a)(iii)Verify source

§ 10-6-132(5)(a)(iv)Subsection 10-6-132(5)(a)(iv)Provision

Source excerpt

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

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

Section 10-6-132(5)(a)(iv)Verify source

§ 10-6-132(5)(b)Subsection 10-6-132(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 governing body for the current fiscal year.

Section 10-6-132(5)(b)Verify source

§ 10-6-132(6)Subsection 10-6-132(6)Provision

Source excerpt

Subsections (2) through (5) do not apply to an interfund loan if the interfund loan is: a loan from the city general fund to any other fund of the city; or a short-term advance from the city's cash and investment pool to individual funds

Section 10-6-132(6)Verify source

§ 10-6-132(6)(a)Subsection 10-6-132(6)(a)Provision

Source excerpt

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

Section 10-6-132(6)(a)Verify source

§ 10-6-132(6)(b)Subsection 10-6-132(6)(b)Provision

Source excerpt

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

Section 10-6-132(6)(b)Verify source

Legislative relationships

0 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

No structured legislative relationships were detected

The statute remains fully searchable by provision. Consult the source text for amendments and cross-references that have not yet been indexed.

Recorded versions and source checkpoint

1 version available in this collection

Current-law checkpoint

Undated version · currentEnglish · In force

This relationship view does not by itself establish whether another instrument remains in force.

Check official source

Source-linked research

Ask AI about this statute

The overview, provisions, and source records above are public. Continue in a separate conversation with this statute’s jurisdiction and source version attached.

Utah Code § 10-6-132

Purpose and legislative effect

How the instrument operates

Start with the recorded version

Locate the controlling provision

Read conditions and exceptions together

Verify currency and official wording

Research entry points

Source and current-law status

In force source record

Sections and provisions

Search within this statute

0 referenced instruments

No structured legislative relationships were detected

Recorded versions and source checkpoint

Ask AI about this statute