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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 10-7-18

Money from property sales under Sections 10-7-15 through 10-7-17 must be kept in a separate fund and not spent or mixed with city or town funds until the related bonds and indebtedness, with interest, are paid.

Source excerpt

asset sale proceedsmunicipal fund managementproceeds dispositionrestricted expenditure
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Money from property sales under Sections 10-7-15 through 10-7-17 must be kept in a separate fund and not spent or mixed with city or town funds until the related bonds and indebtedness, with interest, are paid.”

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Disposition of money received.

Money from property sales under Sections 10-7-15 through 10-7-17 must be kept in a separate fund and not spent or mixed with city or town funds until the related bonds and indebtedness, with interest, are paid.

Section 10-7-18

Subsection 10-7-18(1)

Money from the sale of property must be kept in a separate fund and cannot be spent or mixed with other city or town funds until the related bonds and other indebtedness, plus accumulated interest, are paid.

Section 10-7-18(1)

Subsection 10-7-18(2)

If sale proceeds exceed related outstanding bonds and other indebtedness, the excess must be deposited in a Utah bank under the municipal legislative body’s direction.

Section 10-7-18(2)

04

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In force source record

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

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Showing 3 of 3 provisions

Provision 3

Part 10-7-4

part 10-7-4 Sale or Lease of Power Plants

§ 10-7-18Disposition of money received.Provision

Source excerpt

Money from property sales under Sections 10-7-15 through 10-7-17 must be kept in a separate fund and not spent or mixed with city or town funds until the related bonds and indebtedness, with interest, are paid.

Disposition of money received. All money received from the sale of property under Sections 10-7-15 through 10-7-17 shall be kept in a separate fund, and may not be expended, or mixed with other funds of the city or town, until all bonds and other indebtedness issued for the purchase or construction of the plant or works, together with accumulated interest thereon, have first been paid. If the property sold brings an amount in excess of the outstanding bonds and other indebtedness issued for the purchase or construction of the property sold, the excess shall be deposited in a bank in this state under direction of the municipal legislative body, and may not thereafter be expended except for some municipal purpose by authority given by the registered voters of the city or town at a general or special election called and conducted in the manner set forth in Sections 10-7-7 and 10-7-8 .
Section 10-7-18Verify source
§ 10-7-18(1)Subsection 10-7-18(1)Provision

Source excerpt

Money from the sale of property must be kept in a separate fund and cannot be spent or mixed with other city or town funds until the related bonds and other indebtedness, plus accumulated interest, are paid.

All money received from the sale of property under Sections 10-7-15 through 10-7-17 shall be kept in a separate fund, and may not be expended, or mixed with other funds of the city or town, until all bonds and other indebtedness issued for the purchase or construction of the plant or works, together with accumulated interest thereon, have first been paid.
Section 10-7-18(1)Verify source
§ 10-7-18(2)Subsection 10-7-18(2)Provision

Source excerpt

If sale proceeds exceed related outstanding bonds and other indebtedness, the excess must be deposited in a Utah bank under the municipal legislative body’s direction.

If the property sold brings an amount in excess of the outstanding bonds and other indebtedness issued for the purchase or construction of the property sold, the excess shall be deposited in a bank in this state under direction of the municipal legislative body, and may not thereafter be expended except for some municipal purpose by authority given by the registered voters of the city or town at a general or special election called and conducted in the manner set forth in Sections 10-7-7 and 10-7-8 .
Section 10-7-18(2)Verify source

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