Title 63B, Title 63B: Bonds

63B-1-302. Legislative findings. The Legislature finds and declares as follows: (1) it is the policy of this state to provide office space and related facilities for state bodies and such other governmental facilities and property, including highways and highway rights-of-way, as…

63B-1-303. Definitions. As used in this part: (1) "Acquire or construct," "acquired or constructed," "constructed or acquired," "acquiring or constructing," or "acquisition or construction" means any acquisition, construction, reconstruction, restoration, enlargement, improvement…

63B-1-304. State Building Ownership Authority created -- Members -- Compensation. (1) There is created a body politic and corporate to be known as the State Building Ownership Authority composed of: the governor; the state treasurer; and the executive director of the Department o…

63B-1-305. Powers and duties of authority. (1) The authority shall have perpetual succession as a body politic and corporate. (2) The authority may: sue and to be sued in its own name; have, and alter at will, an official seal; contract with experts, advisers, consultants, and ag…

63B-1-306. Obligations issued by authority -- Limitation of liability on obligations -- Limitation on amount of obligations issued. (1) All obligations issued by the authority under this part shall be limited obligations of the authority and may not constitute, nor give rise to, …

63B-1-307. Lease of facilities to state bodies -- Rental. (1) The authority and state bodies shall enter into leases or agreements for the use and occupancy of any portion of any facility constructed or acquired under this part. (2) The leases or agreements may provide for the op…

63B-1-308. Payment of obligations out of rentals -- Other governmental entities not liable for payment -- Appropriations for increased rentals -- Defaulting bodies to quit premises. (1) Except as secured as provided in this part: each obligation issued or caused to be issued by t…

63B-1-309. Securing of obligations -- Provisions in mortgages given as security -- Procedure upon default. (1) The principal and interest on any obligation issued under this part: shall be secured by a pledge and assignment of the revenues out of which that obligation shall be ma…

63B-1-310. Proceeds from sale of obligations -- Use. (1) The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued. (2) Any accrued interest and premium received upon the sale, and any portion of th…

63B-1-311. Cost of acquiring or constructing facility. The cost of acquiring or constructing any facility shall be considered to include the following: (1) the actual cost of acquiring or improving real estate; (2) the actual cost of enlarging, constructing, reconstructing, impro…

63B-1-312. Signature of former member or officer of authority -- Continuing validity. If any of the members or officers of the authority no longer occupy their position at the time of the delivery of any obligations signed by them, their signatures or facsimiles of their signatur…

63B-1-313. Negotiability of obligations -- Registration. All obligations of the authority are negotiable instruments within the meaning of, and for all purposes of, subject only to any provisions of those obligations relating to registration.

63B-1-314. Person executing obligations not personally liable. No person executing any obligations issued under this part is subject to personal liability or accountability because of the issuance.

63B-1-315. Tax exemption. (1) All property acquired or held by the authority under this part is declared to be public property used for essential public and governmental purposes. (2) All property and income from it, and all obligations issued under this part, the interest payabl…

63B-1-316. Obligations as legal investments -- Deposit of obligations. (1) The obligations issued under this part are securities in which all persons and organizations authorized to invest in any obligations of this state may properly and legally invest any funds, including capit…

63B-1-317. Publication of resolution or other proceeding -- Contest of proceedings -- Mandamus to compel official to sign obligations. (1) The authority may provide for the publication of any resolution it adopts for the authorization of obligations under this part: in one issue …

63B-1-318. Division duties -- Reimbursement. (1) The division shall: construct, maintain, allocate the space in, and dispose of all facilities acquired or constructed for the authority with the proceeds of obligations of the authority; and do all things necessary to keep those fa…

63B-1-319. Legal, accounting, and auditing services. (1) The attorney general shall provide all legal services, and the state auditor shall provide all accounting and auditing services, required by the authority, without reimbursement from that authority. (2) Subsectiondoes not a…

63B-1-320. State to succeed to property of authority when encumbrances paid or authority dissolved. (1) Each facility shall immediately vest in and become the property of this state when the obligations encumbering it are paid. (2) If the authority is dissolved at any time, for a…

63B-1-321. Validation of prior obligations. All obligations issued by the authority before the effective date of this part and all proceedings had in the authorization and issuance of these obligations and all agreements with respect to them and the security for them are: (1) val…

63B-1a-101. Definitions -- Bonds authorized -- Prohibitions -- Purposes -- Maturity -- Use of bonds proceeds. (1) As used in this section: "Cost" includes: all costs related to the authorized capital project, including the cost of equipment and furnishings for, interests in, or i…

63B-1a-102. Commission responsibilities -- Manner of issuance -- Plan of financing -- Registration -- Signatures -- Replacement -- Reporting. (1) The commission may determine by resolution: the manner in which bonds issued under this chapter may be authorized, sold, and issued; t…

63B-1a-103. Refunding general obligation bonds. (1) The commission may provide for the refunding of any bonds in accordance with. Title 11, Chapter 27, Utah Refunding Bond Act (2) For purposes of, the state is considered the public body and the commission is its governing body. T…

63B-1a-201. Bonds proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds. (1) The commission shall provide that proceeds from the sale of bonds issued under this chapter are deposited within one or more accounts as determined by the commiss…

63B-1a-301. Sinking fund -- Creation -- Investment of money. (1) For bonds authorized and issued as provided in this chapter, the commission shall create a sinking fund, to be administered by the state treasurer. (2) All money deposited in the sinking fund, from whatever source, …

63B-1a-302. 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-1a-303. Tax levy -- Abatement of tax. (1) Each year after issuance of bonds and until each outstanding bond is retired, there is levied a direct annual tax on all taxable property of the state sufficient to pay principal, interest, and any applicable redemption premiums on ea…

63B-1a-401. Status of bond records -- Compliance with Registered Public Obligations Act. (1) The records of ownership, registration, transfer, and exchange of the bonds, and of persons to whom payment with respect to the obligations are made, are private records as provided in Se…

63B-1a-402. 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-1a-403. Tax status -- Exemption. The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds is not taxable in Utah for any purpose, except for the corporate franchise tax.

63B-1a-501. Publication of resolution or notice -- Limitation on actions to contest legality. (1) The commission may either: publish once in a newspaper having general circulation in Utah any resolution adopted by the commission; and publish, in accordance with Section, any resol…

63B-1a-601. Bond anticipation notes -- Authorization, terms, and procedures. (1) The commission may issue bond anticipation notes in the form and with the terms that the commission determines. Each bond anticipation note and the interest on it are a general obligation of the stat…

63B-1a-701. Prior bonds validated -- Exceptions. All general obligation bonds and bond anticipation notes issued by the commission before February 14, 2003 and all proceedings had in the authorization and issuance of them are: (1) validated, ratified, and confirmed; and (2) decla…

63B-1b-101. Title. This chapter is known as the "State Financing Consolidation Act."

63B-1b-102. Definitions. As used in this chapter: (1) "Agency bonds" means any bond, note, contract, or other evidence of indebtedness representing loans or grants made by an authorizing agency. (2) "Authorized official" means the state treasurer or other person authorized by a b…

63B-1b-103. Limitation on issuance of bonds -- Legislative approval required. No bonds may be authorized or issued under this chapter without the prior approval of the Legislature.

63B-1b-201. Investment officer -- Powers and duties. (1) There is created within the Office of the State Treasurer an investment banking officer to advise, counsel, and render technical assistance to authorizing agencies in the management of state loan and grant programs. (2) Thi…

63B-1b-202. Custodial officer -- Powers and duties. (1) There is created within the Division of Finance an officer responsible for the care, custody, safekeeping, collection, and accounting of all bonds, notes, contracts, trust documents, and other evidences of indebtedness: owne…

63B-1b-301. State treasurer may sell, assign, or liquidate agency bonds -- Marketing plan required. (1) One or more authorizing agencies may from time to time request the state treasurer to sell, assign, or liquidate agency bonds on behalf of the authorizing agencies as provided …

63B-1b-302. Marketing plan and related agreements -- Use of proceeds of liquidation of agency bonds -- Report to Division of Finance -- Special funds -- Limitation on liability. (1) Before the liquidation of any agency bonds pursuant to the request of an authorizing agency as pro…

63B-1b-401. Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of money received by authorizing agencies. (1) Subject to the requirements of this chapter, and with the approval of the relevant authorizing agency, the State Bonding Commission ma…

63B-1b-402. Commission may authorize revenue bonds -- Contents of bond document -- Special and reserve funds -- Limitation on liability -- Restoration of money in reserve funds -- Payment of bonds and other technical requirements -- Refunding -- Report to Division of Finance. (1)…

63B-1b-501. Tax status -- Exemption. The revenue bonds issued under this chapter, any interest paid on the revenue bonds, and any income from the bonds is not taxable in Utah for any purpose, except for the corporate franchise tax.

63B-1b-601. Publication of resolution or notice -- Limitation on actions to contest legality. (1) The commission may either: publish once in a newspaper having general circulation in Utah any resolution adopted by it; or in lieu of publishing the entire resolution, publish a noti…

63B-1b-701. Payment of expenses. (1) All expenses incurred by the state under this chapter may be paid: in the case of expenses incurred under Section, from the proceeds of the liquidation of agency bonds; and 63B-1b-302 in the case of expenses incurred under Section, from the pr…

63B-2-101. State Bonding Commission authorized to issue general obligation bonds. The commission created under Sectionmay 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 of and inter…