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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 10-7-9

Local officials must adopt an ordinance for bond issuance and sale, levy annual taxes to pay interest and principal, and bonds cannot be sold below face value.

Source excerpt

bond issuancebondsmunicipal bondsmunicipal financepublic financepublic utilitiessinking fundtaxtax levyutility rates
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Local officials must adopt an ordinance for bond issuance and sale, levy annual taxes to pay interest and principal, and bonds cannot be sold below face value.”

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Subsection 10-7-9(1)

The local governing body must adopt an ordinance for issuing and disposing of the bonds, and the bonds may not be sold below face value.

Section 10-7-9(1)

Subsection 10-7-9(2)

The board of commissioners, city council, or board of trustees must annually levy a sufficient tax to pay bond interest and build a sinking fund for principal repayment.

Section 10-7-9(2)

Subsection 10-7-9(3)

Water or sewer bonds may be issued for up to 40 years, and other bonds for up to 20 years.

Section 10-7-9(3)

04

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In force source record

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

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Showing 5 of 5 provisions

Provision 5
§ 10-7-9Sale of bonds -- Amount -- Tax levy to pay interest -- Utility rates -- Sinking fund -- Serial or term bonds.Provision

Source excerpt

Local officials must adopt an ordinance for bond issuance and sale, levy annual taxes to pay interest and principal, and bonds cannot be sold below face value.

Sale of bonds -- Amount -- Tax levy to pay interest -- Utility rates -- Sinking fund -- Serial or term bonds. The board of commissioners, city council or board of trustees as the case may be shall provide by ordinance for the issuance and disposal of such bonds; provided, that no such bonds shall be sold for less than their face value. The board of commissioners, city council or board of trustees shall annually levy on all taxable property within the boundaries of the issuer a sufficient tax to pay the interest on such indebtedness as it falls due, and also to constitute a sinking fund for the payment of the principal thereof within the time for which such bonds are issued which levy shall be made without regard to any statutory limitation on the taxing power of such issuer which may now exist or, unless an express contrary provision appears in the statute, which may hereafter be enacted by the legislature; provided, that whenever bonds shall have been issued for the purpose of supplying any city or town with artificial light, water or other public utility the rates or charges for the service of the system or plant so constructed may be made sufficient to meet such payments, in addition to operating and maintenance expenses, and taxes shall be levied to meet any deficiencies. Water or sewer bonds may be issued for a period not exceeding 40 years; other bonds may be issued for a period not exceeding 20 years. Such bonds may be either serial or term bonds.
Section 10-7-9Verify source
§ 10-7-9(1)Subsection 10-7-9(1)Provision

Source excerpt

The local governing body must adopt an ordinance for issuing and disposing of the bonds, and the bonds may not be sold below face value.

The board of commissioners, city council or board of trustees as the case may be shall provide by ordinance for the issuance and disposal of such bonds; provided, that no such bonds shall be sold for less than their face value.
Section 10-7-9(1)Verify source
§ 10-7-9(2)Subsection 10-7-9(2)Provision

Source excerpt

The board of commissioners, city council, or board of trustees must annually levy a sufficient tax to pay bond interest and build a sinking fund for principal repayment.

The board of commissioners, city council or board of trustees shall annually levy on all taxable property within the boundaries of the issuer a sufficient tax to pay the interest on such indebtedness as it falls due, and also to constitute a sinking fund for the payment of the principal thereof within the time for which such bonds are issued which levy shall be made without regard to any statutory limitation on the taxing power of such issuer which may now exist or, unless an express contrary provision appears in the statute, which may hereafter be enacted by the legislature; provided, that whenever bonds shall have been issued for the purpose of supplying any city or town with artificial light, water or other public utility the rates or charges for the service of the system or plant so constructed may be made sufficient to meet such payments, in addition to operating and maintenance expenses, and taxes shall be levied to meet any deficiencies.
Section 10-7-9(2)Verify source
§ 10-7-9(3)Subsection 10-7-9(3)Provision

Source excerpt

Water or sewer bonds may be issued for up to 40 years, and other bonds for up to 20 years.

Water or sewer bonds may be issued for a period not exceeding 40 years; other bonds may be issued for a period not exceeding 20 years.
Section 10-7-9(3)Verify source
§ 10-7-9(4)Subsection 10-7-9(4)Provision

Source excerpt

These bonds may be either serial bonds or term bonds.

Such bonds may be either serial or term bonds.
Section 10-7-9(4)Verify source

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