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United States — Utah Act or statute

United States — Utah legislation

Utah Code § 11-14-311

A governing body may issue bond anticipation notes by resolution if it finds doing so advisable and in the subdivision’s interests.

Source excerpt

bond anticipation notesbond issuancebondsdebt instrumentsdebt securityfinanceinterestmunicipal financenotes
Jurisdiction
United States — Utah
Status
In force
Dates
Legal dates not recorded
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“A governing body may issue bond anticipation notes by resolution if it finds doing so advisable and in the subdivision’s interests.”

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Bond anticipation notes.

A governing body may issue bond anticipation notes by resolution if it finds doing so advisable and in the subdivision’s interests.

Section 11-14-311

Subsection 11-14-311(1)(b)

A resolution authorizing bond anticipation notes must describe the related bonds, state the notes’ principal amount and maturity dates, and state the interest rate or the method for determining interest.

Section 11-14-311(1)(b)

Subsection 11-14-311(1)(c)

If the resolution specifies a method by which the interest rates on the notes may be determined, the resolution may specify the maximum rate of interest which the notes may bear.

Section 11-14-311(1)(c)

Subsection 11-14-311(4)

If the underlying bonds are payable from ad valorem taxes and are full general obligations, the bond anticipation notes and their interest must be secured by the subdivision’s full faith and credit and also paid from bond-sale proceeds.…

Section 11-14-311(4)

Subsection 11-14-311(7)

Bonds are not considered to have been issued outside of the 10-year period described in Section 11-14-301 , if the issuance of the bonds is anticipated under this section by bond anticipation notes issued before the expiration of the

Section 11-14-311(7)

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

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Showing 14 of 14 provisions

Provision 14

Part 11-14-3

part 11-14-3 Issuance of Bonds

§ 11-14-311Bond anticipation notes.Provision

Source excerpt

A governing body may issue bond anticipation notes by resolution if it finds doing so advisable and in the subdivision’s interests.

Bond anticipation notes. If the governing body considers it advisable and in the interests of the local political subdivision to anticipate the issuance of bonds to be issued under this chapter, the governing body may, pursuant to appropriate resolution, issue bond anticipation notes. Each resolution authorizing the issuance of bond anticipation notes shall: describe the bonds in anticipation of which the notes are to be issued; specify the principal amount of the notes and the maturity dates of the notes; and specify either the rates of interest, if any, on the notes or the method by which interest on the notes may be determined while the notes are outstanding. If the resolution specifies a method by which the interest rates on the notes may be determined, the resolution may specify the maximum rate of interest which the notes may bear. Bond anticipation notes shall be issued and sold in a manner and at a price, either at, below, or above face value, as the governing body determines by resolution. Interest on bond anticipation notes may be made payable semiannually, annually, or at maturity. Bond anticipation notes may be made redeemable prior to maturity at the option of the governing body in the manner and upon the terms fixed by the resolution authorizing their issuance. Bond anticipation notes shall be executed and shall be in a form and have details and terms as provided in the authorizing resolution. Contemporaneously with the issuance of the bonds in anticipation of which bond anticipation notes are issued, provision shall be made for the retirement of any outstanding bond anticipation notes. Whenever the bonds in anticipation of which notes are issued are to be payable from ad valorem taxes and constitute full general obligations of the local political subdivision, the bond anticipation notes and the interest on them shall be secured by a pledge of the full faith and credit of the local political subdivision in the manner provided in Section 11-14-310 and shall also be made payable from funds derived from the sale of the bonds in anticipation of which the notes are issued. Whenever the bonds in anticipation of which the notes are to be issued are to be payable solely from revenues derived from the operation of revenue-producing facilities, these bond anticipation notes and the interest on them shall be secured by a pledge of the income and revenues derived by the local political subdivision from the revenue-producing facilities and shall also be made payable from funds derived from the sale of the bonds in anticipation of which the notes are issued. Bond anticipation notes issued under this section may be refunded by the issuance of other bond anticipation notes issued under this section. Sections 11-14-304 , 11-14-305 , 11-14-315 , 11-14-316 , and 11-14-401 apply to all bond anticipation notes issued under this section. Bonds are not considered to have been issued outside of the 10-year period described in Section 11-14-301 , if the issuance of the bonds is anticipated under this section by bond anticipation notes issued before the expiration of the 10-year period.
Section 11-14-311Verify source
§ 11-14-311(1)Subsection 11-14-311(1)Provision

Source excerpt

If the governing body considers it advisable and in the interests of the local political subdivision to anticipate the issuance of bonds to be issued under this chapter, the governing body may, pursuant to appropriate resolution, issue

If the governing body considers it advisable and in the interests of the local political subdivision to anticipate the issuance of bonds to be issued under this chapter, the governing body may, pursuant to appropriate resolution, issue bond anticipation notes. Each resolution authorizing the issuance of bond anticipation notes shall: describe the bonds in anticipation of which the notes are to be issued; specify the principal amount of the notes and the maturity dates of the notes; and specify either the rates of interest, if any, on the notes or the method by which interest on the notes may be determined while the notes are outstanding. If the resolution specifies a method by which the interest rates on the notes may be determined, the resolution may specify the maximum rate of interest which the notes may bear.
Section 11-14-311(1)Verify source
§ 11-14-311(1)(a)Subsection 11-14-311(1)(a)Provision

Source excerpt

The governing body may issue bond anticipation notes by appropriate resolution when it considers that advisable and in the local political subdivision’s interests to anticipate bonds under this chapter.

If the governing body considers it advisable and in the interests of the local political subdivision to anticipate the issuance of bonds to be issued under this chapter, the governing body may, pursuant to appropriate resolution, issue bond anticipation notes.
Section 11-14-311(1)(a)Verify source
§ 11-14-311(1)(b)Subsection 11-14-311(1)(b)Provision

Source excerpt

A resolution authorizing bond anticipation notes must describe the related bonds, state the notes’ principal amount and maturity dates, and state the interest rate or the method for determining interest.

Each resolution authorizing the issuance of bond anticipation notes shall: describe the bonds in anticipation of which the notes are to be issued; specify the principal amount of the notes and the maturity dates of the notes; and specify either the rates of interest, if any, on the notes or the method by which interest on the notes may be determined while the notes are outstanding.
Section 11-14-311(1)(b)Verify source
§ 11-14-311(1)(b)(i)Subsection 11-14-311(1)(b)(i)Provision

Source excerpt

describe the bonds in anticipation of which the notes are to be issued;

describe the bonds in anticipation of which the notes are to be issued;
Section 11-14-311(1)(b)(i)Verify source
§ 11-14-311(1)(b)(ii)Subsection 11-14-311(1)(b)(ii)Provision

Source excerpt

specify the principal amount of the notes and the maturity dates of the notes; and

specify the principal amount of the notes and the maturity dates of the notes; and
Section 11-14-311(1)(b)(ii)Verify source
§ 11-14-311(1)(b)(iii)Subsection 11-14-311(1)(b)(iii)Provision

Source excerpt

The provision says to specify either the interest rates on the notes, if any, or the method for determining interest while the notes are outstanding.

specify either the rates of interest, if any, on the notes or the method by which interest on the notes may be determined while the notes are outstanding.
Section 11-14-311(1)(b)(iii)Verify source
§ 11-14-311(1)(c)Subsection 11-14-311(1)(c)Provision

Source excerpt

If the resolution specifies a method by which the interest rates on the notes may be determined, the resolution may specify the maximum rate of interest which the notes may bear.

If the resolution specifies a method by which the interest rates on the notes may be determined, the resolution may specify the maximum rate of interest which the notes may bear.
Section 11-14-311(1)(c)Verify source
§ 11-14-311(2)Subsection 11-14-311(2)Provision

Source excerpt

Bond anticipation notes must be issued, sold, executed, and formatted according to the authorizing or governing resolution, and interest/redemption terms may be set as described.

Bond anticipation notes shall be issued and sold in a manner and at a price, either at, below, or above face value, as the governing body determines by resolution. Interest on bond anticipation notes may be made payable semiannually, annually, or at maturity. Bond anticipation notes may be made redeemable prior to maturity at the option of the governing body in the manner and upon the terms fixed by the resolution authorizing their issuance. Bond anticipation notes shall be executed and shall be in a form and have details and terms as provided in the authorizing resolution.
Section 11-14-311(2)Verify source
§ 11-14-311(3)Subsection 11-14-311(3)Provision

Source excerpt

When the related bonds are issued, provision must be made to retire any outstanding bond anticipation notes.

Contemporaneously with the issuance of the bonds in anticipation of which bond anticipation notes are issued, provision shall be made for the retirement of any outstanding bond anticipation notes.
Section 11-14-311(3)Verify source
§ 11-14-311(4)Subsection 11-14-311(4)Provision

Source excerpt

If the underlying bonds are payable from ad valorem taxes and are full general obligations, the bond anticipation notes and their interest must be secured by the subdivision’s full faith and credit and also paid from bond-sale proceeds. If the underlying bonds are payable solely from revenue-producing facilities, the notes and interest must be secured by the facility revenues and also paid from bond-sale proceeds.

Whenever the bonds in anticipation of which notes are issued are to be payable from ad valorem taxes and constitute full general obligations of the local political subdivision, the bond anticipation notes and the interest on them shall be secured by a pledge of the full faith and credit of the local political subdivision in the manner provided in Section 11-14-310 and shall also be made payable from funds derived from the sale of the bonds in anticipation of which the notes are issued. Whenever the bonds in anticipation of which the notes are to be issued are to be payable solely from revenues derived from the operation of revenue-producing facilities, these bond anticipation notes and the interest on them shall be secured by a pledge of the income and revenues derived by the local political subdivision from the revenue-producing facilities and shall also be made payable from funds derived from the sale of the bonds in anticipation of which the notes are issued.
Section 11-14-311(4)Verify source
§ 11-14-311(5)Subsection 11-14-311(5)Provision

Source excerpt

Bond anticipation notes issued under this section may be refunded by issuing other bond anticipation notes issued under this section.

Bond anticipation notes issued under this section may be refunded by the issuance of other bond anticipation notes issued under this section.
Section 11-14-311(5)Verify source
§ 11-14-311(6)Subsection 11-14-311(6)Provision

Source excerpt

Sections 11-14-304 , 11-14-305 , 11-14-315 , 11-14-316 , and 11-14-401 apply to all bond anticipation notes issued under this section.

Sections 11-14-304 , 11-14-305 , 11-14-315 , 11-14-316 , and 11-14-401 apply to all bond anticipation notes issued under this section.
Section 11-14-311(6)Verify source
§ 11-14-311(7)Subsection 11-14-311(7)Provision

Source excerpt

Bonds are not considered to have been issued outside of the 10-year period described in Section 11-14-301 , if the issuance of the bonds is anticipated under this section by bond anticipation notes issued before the expiration of the

Bonds are not considered to have been issued outside of the 10-year period described in Section 11-14-301 , if the issuance of the bonds is anticipated under this section by bond anticipation notes issued before the expiration of the 10-year period.
Section 11-14-311(7)Verify source

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