Title 63B, Bonds

63B-11-105. Terms and conditions of sale -- Plan of financing -- Signatures -- Replacement -- Registration -- Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and cond…

63B-11-106. Constitutional debt limitation. (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1. (2) For purposes of applying the debt limitation contained in Utah Constitution A…

63B-11-107. Tax levy -- Abatement of tax. (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay: (a) applicable bon…

63B-11-108. Creation of sinking fund. (1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 Capital Facilities General Obligation Bonds Sinking Fund." (2) All money deposited in the sinking fund, from whatever source, shall be used to …

63B-11-109. Payment of interest, principal, and redemption premiums. (1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds. (2) After receipt of the warrants, the state treasurer shall:…

63B-11-110. Investment of sinking fund money. (1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is cre…

63B-11-111. Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds. (1)(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission. (b) The …

63B-11-112. Refunding of bonds. (1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act. (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state is considered the public body and th…

63B-11-113. Certification of satisfaction of conditions precedent -- Conclusiveness. (1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied. (2) A recital on any bond of …

63B-11-114. Tax exemption. The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.

63B-11-115. Legal investment status. Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.

63B-11-116. Publication of resolution or notice -- Limitation on actions to contest legality. (1) The commission may: (a) publish any resolution it adopts under this chapter: (i) once in a newspaper having general circulation in Utah; and (ii) as required in Section 45-1-101; or …

63B-11-117. Report to Legislature. The governor shall report the commission's proceedings to each annual general session of the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.

63B-11-201. State Bonding Commission authorized to issue general obligation bonds. When the conditions established in Section 63B-11-202 are met, the commission created under Section 63B-1-201 may issue and sell general obligation bonds of the state pledging the full faith, credi…

63B-11-202. Maximum amount -- Projects authorized. (1)(a) The total amount of bonds issued under this part may not exceed $21,250,000. (b) When Utah State University certifies to the commission that the university has obtained reliable commitments, convertible to cash, of $5,000,…

63B-11-203. Use of bond proceeds for issuance and other costs. The proceeds of bonds issued under this chapter shall be used for the purposes described in Section 63B-11-202 and to pay all or part of any cost incident to the issuance and sale of the bonds including, without limit…

63B-11-204. Manner of issuance -- Amounts, interest, and maturity. (1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution. (2) Bonds may be issued in one or more series, in amounts, and shall bea…

63B-11-205. Terms and conditions of sale -- Plan of financing -- Signatures -- Replacement -- Registration -- Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and cond…

63B-11-206. Constitutional debt limitation. (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1. (2) For purposes of applying the debt limitation contained in Utah Constitution A…

63B-11-207. Tax levy -- Abatement of tax. (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay: (a) applicable bon…

63B-11-208. Creation of sinking fund. (1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 General Obligation Bonds Sinking Fund." (2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on…

63B-11-209. Payment of interest, principal, and redemption premiums. (1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds. (2) After receipt of the warrants, the state treasurer shall:…

63B-11-210. Investment of sinking fund money. (1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is cre…

63B-11-211. Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds. (1)(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission. (b) The …

63B-11-212. Refunding of bonds. (1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act. (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state is considered the public body and th…

63B-11-213. Certification of satisfaction of conditions precedent -- Conclusiveness. (1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied. (2) A recital on any bond of …

63B-11-214. Tax exemption. The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.

63B-11-215. Legal investment status. Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.

63B-11-216. Publication of resolution or notice -- Limitation on actions to contest legality. (1) The commission may: (a) publish any resolution it adopts under this chapter: (i) once in a newspaper having general circulation in Utah; and (ii) as required in Section 45-1-101; or …

63B-11-217. Report to Legislature. The governor shall report the commission's proceedings to each annual general session of the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.

63B-11-301. State Bonding Commission authorized to issue general obligation bonds. The commission created under Section 63B-1-201 may issue and sell general obligation bonds of the state pledging the full faith, credit, and resources of the state for the payment of the principal …

63B-11-302. Maximum amount -- Projects authorized. (1) The total amount of bonds issued under this part may not exceed $159,000,000. (2)(a) Proceeds from the issuance of bonds shall be provided to the Department of Transportation to provide funds to pay all or part of the costs o…

63B-11-303. Bond proceeds may be used to pay costs of issuance and sale. The proceeds of bonds issued under this chapter shall be used for the purposes described in Section 63B-11-302 and to pay all or part of any cost incident to the issuance and sale of the bonds including, wit…

63B-11-304. Manner of issuance -- Amounts, interest, and maturity. (1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution. (2) Bonds may be issued in one or more series, in amounts, and shall bea…

63B-11-305. Terms and conditions of sale -- Plan of financing -- Signatures -- Replacement -- Registration -- Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and cond…

63B-11-306. Constitutional debt limitation. (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1. (2) For purposes of applying the debt limitation contained in Utah Constitution A…

63B-11-307. Tax levy -- Abatement of tax. (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay: (a) applicable bon…

63B-11-308. Creation of sinking fund. (1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 Highway General Obligation Bonds Sinking Fund." (2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt se…

63B-11-309. Payment of interest, principal, and redemption premiums. (1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds. (2) After receipt of the warrants, the state treasurer shall:…

63B-11-310. Investment of sinking fund money. (1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is cre…

63B-11-311. Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds. (1)(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission. (b) The …

63B-11-312. Refunding of bonds. (1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act. (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state of Utah is considered the public bod…

63B-11-313. Certification of satisfaction of conditions precedent -- Conclusiveness. (1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied. (2) A recital on any bond of …

63B-11-314. Tax exemption. The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.

63B-11-315. Legal investment status. Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.

63B-11-316. Publication of resolution or notice -- Limitation on actions to contest legality. (1) The commission may: (a) publish any resolution it adopts under this chapter: (i) once in a newspaper having general circulation in Utah; and (ii) as required in Section 45-1-101; or …