“This section sets rules for how bonds issued under the chapter must be approved, structured, sold, paid, and redeemed.”
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The treasurer of the local political subdivision, or that treasurer’s authorized agent, must pay bonds and coupons on the stated dates, mark them as paid, and may destroy paid or cancelled bonds or coupons.
Subject to the Constitution, the governing body of the local political subdivision may include in the plan of financing the terms and conditions of agreements which may be entered into by the local political subdivision with banking
Section 11-14-302(4)(c)
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This section sets rules for how bonds issued under the chapter must be approved, structured, sold, paid, and redeemed.
Resolution -- Negotiability -- Registration -- Maturity -- Interest -- Payment -- Redemption -- Combining issues -- Sale -- Financing plan.
Bonds issued under this chapter: shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if any; be payable at such place or places; be in such form; be executed in such manner; be sold in such manner and at such prices, either at, in excess of, or below face value; and be issued in such manner and with such details as may be provided by resolution; and may be made: registrable as to principal alone or as to principal and interest; or redeemable prior to maturity at such times and on such terms. Interest rate limitations elsewhere appearing in the laws of Utah do not apply to nor limit the rate of interest on bonds issued under this chapter. If the bonds bear interest at a variable rate or rates, the resolution described in Subsection (1)(a)(i)(A) shall provide for the establishment of a method or methods by which the interest rate or rates on the bonds may be determined. If the resolution specifies a method by which interest on the bonds may be determined, the resolution shall also specify the maximum rate of interest the bonds may bear. Bonds voted for different purposes by separate propositions at the same or different bond elections may in the discretion of the governing body be combined and offered for sale as one issue of bonds. The resolution providing for this combination and the printed bonds for the combined issue shall separately set forth the amount being issued for each of the purposes provided for in each proposition submitted to the electors. If the local political subdivision has retained a fiscal agent to assist and advise it with respect to the bonds and the fiscal agent has received or is to receive a fee for such services, the bonds may be sold to the fiscal agent but only if the sale is made pursuant to a sealed bid submitted by the fiscal agent at an advertised public sale. The governing body may, by resolution, delegate to one or more officers of the local political subdivision the authority to: in accordance with and within the parameters set forth in the resolution, approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the bond; and approve and execute all documents relating to the issuance of a bond. All bonds shall be paid by the treasurer of the local political subdivision or the treasurer's duly authorized agent on their respective maturity dates or on the dates fixed for the bonds redemption. All bond coupons, other than coupons cancelled because of the redemption of the bonds to which they apply, shall similarly be paid on their respective dates or as soon thereafter as the bonds or coupons are surrendered. Upon payment of a bond or coupon, the treasurer of the local political subdivision or the treasurer's duly authorized agent, shall perforate the bond or coupon with a device suitable to indicate payment. Any bonds or coupons which have been paid or cancelled may be destroyed by the treasurer of the local political subdivision or by the treasurer's duly authorized agent. Bonds, bond anticipation notes, or tax anticipation notes with maturity dates of one year or less may be authorized by a local political subdivision from time to time pursuant to a plan of financing adopted by the governing body. The plan of financing shall specify the terms and conditions under which the bonds or notes may be issued, sold, and delivered, the officers of the local political subdivision authorized to issue the bonds or notes, the maximum amount of bonds or notes which may be outstanding at any one time, the source or sources of payment of the bonds or notes, and all other details necessary for issuance of the bonds or notes. Subject to the Constitution, the governing body of the local political subdivision may include in the plan of financing the terms and conditions of agreements which may be entered into by the local political subdivision with banking institutions for letters of credit or for standby letters of credit to secure the bonds or notes, including payment from any legally available source of fees, charges, or other amounts coming due under the agreements entered into by the local political subdivision.
Bonds issued under this chapter must be authorized by the governing body’s resolution and mature within 40 years of their date.
Bonds issued under this chapter: shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if any; be payable at such place or places; be in such form; be executed in such manner; be sold in such manner and at such prices, either at, in excess of, or below face value; and be issued in such manner and with such details as may be provided by resolution; and may be made: registrable as to principal alone or as to principal and interest; or redeemable prior to maturity at such times and on such terms. Interest rate limitations elsewhere appearing in the laws of Utah do not apply to nor limit the rate of interest on bonds issued under this chapter.
Bonds issued under this chapter: shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if
Bonds issued under this chapter: shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if any; be payable at such place or places; be in such form; be executed in such manner; be sold in such manner and at such prices, either at, in excess of, or below face value; and be issued in such manner and with such details as may be provided by resolution; and may be made: registrable as to principal alone or as to principal and interest; or redeemable prior to maturity at such times and on such terms.
shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if any; be payable at such place or
shall: be authorized by resolution of the governing body; be fully negotiable for all purposes; mature at such time or times not more than 40 years from their date; bear interest at such rate or rates, if any; be payable at such place or places; be in such form; be executed in such manner; be sold in such manner and at such prices, either at, in excess of, or below face value; and be issued in such manner and with such details as may be provided by resolution; and
This subsection requires certain bond resolutions to set a method for determining variable interest rates, and to state the maximum interest rate if a method is specified.
If the bonds bear interest at a variable rate or rates, the resolution described in Subsection (1)(a)(i)(A) shall provide for the establishment of a method or methods by which the interest rate or rates on the bonds may be determined. If the resolution specifies a method by which interest on the bonds may be determined, the resolution shall also specify the maximum rate of interest the bonds may bear. Bonds voted for different purposes by separate propositions at the same or different bond elections may in the discretion of the governing body be combined and offered for sale as one issue of bonds. The resolution providing for this combination and the printed bonds for the combined issue shall separately set forth the amount being issued for each of the purposes provided for in each proposition submitted to the electors. If the local political subdivision has retained a fiscal agent to assist and advise it with respect to the bonds and the fiscal agent has received or is to receive a fee for such services, the bonds may be sold to the fiscal agent but only if the sale is made pursuant to a sealed bid submitted by the fiscal agent at an advertised public sale. The governing body may, by resolution, delegate to one or more officers of the local political subdivision the authority to: in accordance with and within the parameters set forth in the resolution, approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the bond; and approve and execute all documents relating to the issuance of a bond.
If bonds have a variable interest rate, the specified resolution must provide a method for determining the rate or rates.
If the bonds bear interest at a variable rate or rates, the resolution described in Subsection (1)(a)(i)(A) shall provide for the establishment of a method or methods by which the interest rate or rates on the bonds may be determined.
If a resolution sets a method for determining bond interest, it must also specify the maximum interest rate the bonds may bear.
If the resolution specifies a method by which interest on the bonds may be determined, the resolution shall also specify the maximum rate of interest the bonds may bear.
The governing body may, in its discretion, combine certain bond votes into one bond issue and offer it for sale.
Bonds voted for different purposes by separate propositions at the same or different bond elections may in the discretion of the governing body be combined and offered for sale as one issue of bonds.
The resolution and printed bonds for a combined issue must separately state the amount issued for each purpose in each proposition submitted to the electors.
The resolution providing for this combination and the printed bonds for the combined issue shall separately set forth the amount being issued for each of the purposes provided for in each proposition submitted to the electors.
The local political subdivision may sell the bonds to its fiscal agent only if the sale follows a sealed bid from the fiscal agent at an advertised public sale.
If the local political subdivision has retained a fiscal agent to assist and advise it with respect to the bonds and the fiscal agent has received or is to receive a fee for such services, the bonds may be sold to the fiscal agent but only if the sale is made pursuant to a sealed bid submitted by the fiscal agent at an advertised public sale.
The governing body may, by resolution, delegate to one or more officers of the local political subdivision the authority to: in accordance with and within the parameters set forth in the resolution, approve the final interest rate or
The governing body may, by resolution, delegate to one or more officers of the local political subdivision the authority to: in accordance with and within the parameters set forth in the resolution, approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the bond; and approve and execute all documents relating to the issuance of a bond.
A person or authority may approve the bond’s final interest rate, price, principal amount, maturity, redemption features, and other terms, but only within the resolution’s parameters.
in accordance with and within the parameters set forth in the resolution, approve the final interest rate or rates, price, principal amount, maturity or maturities, redemption features, and other terms of the bond; and
The treasurer of the local political subdivision, or that treasurer’s authorized agent, must pay bonds and coupons on the stated dates, mark them as paid, and may destroy paid or cancelled bonds or coupons.
All bonds shall be paid by the treasurer of the local political subdivision or the treasurer's duly authorized agent on their respective maturity dates or on the dates fixed for the bonds redemption. All bond coupons, other than coupons cancelled because of the redemption of the bonds to which they apply, shall similarly be paid on their respective dates or as soon thereafter as the bonds or coupons are surrendered. Upon payment of a bond or coupon, the treasurer of the local political subdivision or the treasurer's duly authorized agent, shall perforate the bond or coupon with a device suitable to indicate payment. Any bonds or coupons which have been paid or cancelled may be destroyed by the treasurer of the local political subdivision or by the treasurer's duly authorized agent.
The local subdivision treasurer, or the treasurer’s authorized agent, must pay bonds on their maturity date or redemption date, and bond coupons must be paid on their due date or soon after surrender unless the coupons were canceled because of bond redemption.
All bonds shall be paid by the treasurer of the local political subdivision or the treasurer's duly authorized agent on their respective maturity dates or on the dates fixed for the bonds redemption. All bond coupons, other than coupons cancelled because of the redemption of the bonds to which they apply, shall similarly be paid on their respective dates or as soon thereafter as the bonds or coupons are surrendered.
The local political subdivision’s treasurer, or the treasurer’s authorized agent, must pay all bonds when they mature or on the dates set for redemption.
All bonds shall be paid by the treasurer of the local political subdivision or the treasurer's duly authorized agent on their respective maturity dates or on the dates fixed for the bonds redemption.
Bond coupons must be paid on their dates, or soon after the bonds or coupons are surrendered, except coupons cancelled because of bond redemption.
All bond coupons, other than coupons cancelled because of the redemption of the bonds to which they apply, shall similarly be paid on their respective dates or as soon thereafter as the bonds or coupons are surrendered.
When a bond or coupon is paid, the local subdivision treasurer must perforate it with a device that shows payment.
Upon payment of a bond or coupon, the treasurer of the local political subdivision or the treasurer's duly authorized agent, shall perforate the bond or coupon with a device suitable to indicate payment.
Paid or cancelled bonds or coupons may be destroyed by the local political subdivision treasurer or the treasurer’s authorized agent.
Any bonds or coupons which have been paid or cancelled may be destroyed by the treasurer of the local political subdivision or by the treasurer's duly authorized agent.
A local political subdivision may authorize short-term bonds or notes only through a governing-body-adopted financing plan.
Bonds, bond anticipation notes, or tax anticipation notes with maturity dates of one year or less may be authorized by a local political subdivision from time to time pursuant to a plan of financing adopted by the governing body. The plan of financing shall specify the terms and conditions under which the bonds or notes may be issued, sold, and delivered, the officers of the local political subdivision authorized to issue the bonds or notes, the maximum amount of bonds or notes which may be outstanding at any one time, the source or sources of payment of the bonds or notes, and all other details necessary for issuance of the bonds or notes. Subject to the Constitution, the governing body of the local political subdivision may include in the plan of financing the terms and conditions of agreements which may be entered into by the local political subdivision with banking institutions for letters of credit or for standby letters of credit to secure the bonds or notes, including payment from any legally available source of fees, charges, or other amounts coming due under the agreements entered into by the local political subdivision.
A local political subdivision may authorize certain short-term bonds or notes if the governing body has adopted a financing plan.
Bonds, bond anticipation notes, or tax anticipation notes with maturity dates of one year or less may be authorized by a local political subdivision from time to time pursuant to a plan of financing adopted by the governing body.
A financing plan must state the terms for issuing, selling, and delivering bonds or notes, identify the authorized officers, set the maximum outstanding amount, state the payment sources, and include other necessary issuance details.
The plan of financing shall specify the terms and conditions under which the bonds or notes may be issued, sold, and delivered, the officers of the local political subdivision authorized to issue the bonds or notes, the maximum amount of bonds or notes which may be outstanding at any one time, the source or sources of payment of the bonds or notes, and all other details necessary for issuance of the bonds or notes.
Subject to the Constitution, the governing body of the local political subdivision may include in the plan of financing the terms and conditions of agreements which may be entered into by the local political subdivision with banking
Subject to the Constitution, the governing body of the local political subdivision may include in the plan of financing the terms and conditions of agreements which may be entered into by the local political subdivision with banking institutions for letters of credit or for standby letters of credit to secure the bonds or notes, including payment from any legally available source of fees, charges, or other amounts coming due under the agreements entered into by the local political subdivision.
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