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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-1-104

Certain local issuers may issue bonds in serial or term form, and bond principal and interest must be paid only at a designated bank or trust company, or sometimes at the issuer treasurer’s office if designated and…

Source excerpt

bankingbond administrationbond issuancemunicipal financepayment termspayments
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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01

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“Certain local issuers may issue bonds in serial or term form, and bond principal and interest must be paid only at a designated bank or trust company, or sometimes at the issuer treasurer’s office if designated and chosen by the holder. Payments made to someone other than the bond owner are treated as trust funds, and”

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Form, time, and place of payment -- Held in trust.

Certain local issuers may issue bonds in serial or term form, and bond principal and interest must be paid only at a designated bank or trust company, or sometimes at the issuer treasurer’s office if designated and chosen by the holder.…

Section 11-1-104

Subsection 11-1-104(1)(a)

If a county, municipality, school district, or taxing unit is authorized to issue bonds, it may issue them in serial form or as term bonds.

Section 11-1-104(1)(a)

Subsection 11-1-104(1)(b)

Principal and interest must be payable only at a duly incorporated bank or trust company, unless the holder opts for payment at a bank or trust company or the issuer’s treasurer’s office where those alternative places are designated in the bonds when issued.

Section 11-1-104(1)(b)

Subsection 11-1-104(2)(a)

Payments of bond principal or interest made to someone other than the bond owner are treated as trust funds.

Section 11-1-104(2)(a)

Subsection 11-1-104(2)(b)

The collector must keep the funds in a separate trust account until paid over, and must not commingle or use them for any purpose.

Section 11-1-104(2)(b)

04

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

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Showing 7 of 7 provisions

Provision 7
§ 11-1-104Form, time, and place of payment -- Held in trust.Provision

Source excerpt

Certain local issuers may issue bonds in serial or term form, and bond principal and interest must be paid only at a designated bank or trust company, or sometimes at the issuer treasurer’s office if designated and chosen by the holder. Payments made to someone other than the bond owner are treated as trust funds, and the recipient must hold them in trust and keep them in a separate account.

Form, time, and place of payment -- Held in trust. Whenever any county, municipality, school district or taxing unit within this state is authorized to issue and sell its bonds, they may be issued in serial form or in the form of term bonds and made payable in such manner and at such times, within legal limits, as such county, municipality, school district or taxing unit may determine. Principal and interest shall be made payable only at a duly incorporated bank or trust company operating under state or national banking laws or principal and interest may be made payable at such a bank or trust company or at the office of the treasurer of the issuer, at the option of the holder; provided, such alternative places of payment are designated in the bonds by the issuer at the time such bonds are issued. All payments of funds either as principal or interest on any bonds issued by any county, municipality, school district or other taxing unit within this state paid to anyone other than the owner of such bonds shall be regarded and held as trust funds, and the person, firm or corporation so receiving the same shall be held as a trustee of such funds holding the same for the benefit of the owners and holders of such bonds until the same are fully paid over. Until such funds are paid over by the person, firm or corporation collecting the same, they shall be set up and held in a separate trust account and not commingled or used by the collector in any manner whatever.
Section 11-1-104Verify source
§ 11-1-104(1)Subsection 11-1-104(1)Provision

Source excerpt

Eligible local issuers may issue bonds as serial or term bonds, and bond principal and interest must be payable only at specified banks or trust companies, with some alternative payment locations allowed if designated in the bonds.

Whenever any county, municipality, school district or taxing unit within this state is authorized to issue and sell its bonds, they may be issued in serial form or in the form of term bonds and made payable in such manner and at such times, within legal limits, as such county, municipality, school district or taxing unit may determine. Principal and interest shall be made payable only at a duly incorporated bank or trust company operating under state or national banking laws or principal and interest may be made payable at such a bank or trust company or at the office of the treasurer of the issuer, at the option of the holder; provided, such alternative places of payment are designated in the bonds by the issuer at the time such bonds are issued.
Section 11-1-104(1)Verify source
§ 11-1-104(1)(a)Subsection 11-1-104(1)(a)Provision

Source excerpt

If a county, municipality, school district, or taxing unit is authorized to issue bonds, it may issue them in serial form or as term bonds.

Whenever any county, municipality, school district or taxing unit within this state is authorized to issue and sell its bonds, they may be issued in serial form or in the form of term bonds and made payable in such manner and at such times, within legal limits, as such county, municipality, school district or taxing unit may determine.
Section 11-1-104(1)(a)Verify source
§ 11-1-104(1)(b)Subsection 11-1-104(1)(b)Provision

Source excerpt

Principal and interest must be payable only at a duly incorporated bank or trust company, unless the holder opts for payment at a bank or trust company or the issuer’s treasurer’s office where those alternative places are designated in the bonds when issued.

Principal and interest shall be made payable only at a duly incorporated bank or trust company operating under state or national banking laws or principal and interest may be made payable at such a bank or trust company or at the office of the treasurer of the issuer, at the option of the holder; provided, such alternative places of payment are designated in the bonds by the issuer at the time such bonds are issued.
Section 11-1-104(1)(b)Verify source
§ 11-1-104(2)Subsection 11-1-104(2)Provision

Source excerpt

Money paid on certain bonds must be held as trust funds and kept in a separate trust account until paid over to the bond owners.

All payments of funds either as principal or interest on any bonds issued by any county, municipality, school district or other taxing unit within this state paid to anyone other than the owner of such bonds shall be regarded and held as trust funds, and the person, firm or corporation so receiving the same shall be held as a trustee of such funds holding the same for the benefit of the owners and holders of such bonds until the same are fully paid over. Until such funds are paid over by the person, firm or corporation collecting the same, they shall be set up and held in a separate trust account and not commingled or used by the collector in any manner whatever.
Section 11-1-104(2)Verify source
§ 11-1-104(2)(a)Subsection 11-1-104(2)(a)Provision

Source excerpt

Payments of bond principal or interest made to someone other than the bond owner are treated as trust funds.

All payments of funds either as principal or interest on any bonds issued by any county, municipality, school district or other taxing unit within this state paid to anyone other than the owner of such bonds shall be regarded and held as trust funds, and the person, firm or corporation so receiving the same shall be held as a trustee of such funds holding the same for the benefit of the owners and holders of such bonds until the same are fully paid over.
Section 11-1-104(2)(a)Verify source
§ 11-1-104(2)(b)Subsection 11-1-104(2)(b)Provision

Source excerpt

The collector must keep the funds in a separate trust account until paid over, and must not commingle or use them for any purpose.

Until such funds are paid over by the person, firm or corporation collecting the same, they shall be set up and held in a separate trust account and not commingled or used by the collector in any manner whatever.
Section 11-1-104(2)(b)Verify source

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