Bonds of an authority are authorized by resolution, may be issued in one or more series, and shall as provided by the resolution or its trust indenture:
Terms Used In Utah Code 35A-8-417
authority: means a public body corporate and politic created by this part. See Utah Code 35A-8-401
Bonds: means bonds, notes, interim certificates, debentures, or other obligations issued by an authority under this part. See Utah Code 35A-8-401
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
project: means a work or undertaking, on contiguous or noncontiguous sites to:
(i)
demolish, clear, or remove buildings from a blighted area;
(ii)
provide or assist in providing decent, safe, and sanitary urban or rural dwellings, apartments, or other living accommodations for persons of medium and low income by any suitable methods, including rental, sale of individual units in single or multifamily structures under conventional condominium, cooperative sales contract, lease-purchase agreement, loans, or subsidizing of rentals or charges; or
Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
(a)
bear dates, including maturity dates;
(b)
bear interest rates;
(c)
be in denominations;
(d)
be either coupon or registered;
(e)
carry conversion or registration privileges;
(f)
have rank or priority;
(g)
be executed;
(h)
be payable; and
(i)
be subject to terms of redemption with or without premium.
(2)
(a)
The bonds may bear interest at a variable interest rate as provided by the resolution.
(b)
The resolution may establish a method, formula, or index to determine the current interest rate on the bonds.
(3)
In connection with the bonds, the authority may authorize and enter into agreements or other arrangements with financial, banking, and other institutions for:
(a)
letters of credit;
(b)
standby letters of credit;
(c)
surety bonds;
(d)
reimbursement agreements;
(e)
remarketing agreements;
(f)
indexing agreements;
(g)
tender agent agreements; and
(h)
other agreements with respect to:
(i)
securing the bonds;
(ii)
enhancing the marketability and creditworthiness of the bonds;
(iii)
determining a variable interest rate on the bonds; and
(iv)
the payment from any legally available source, including proceeds of the bonds, fees, charges, or other amounts coming due from the agreements.
(4)
As provided by resolution, the bonds may be sold at a public or private sale at par value, in excess of par value, or below par value.
(5)
If a member or an officer of an authority whose signature appears on a bond or coupon ceases to be a member or an officer before the delivery of the bond or coupon, the signature is valid and sufficient for all purposes.
(6)
A bond issued under this part is fully negotiable.
(7)
In a suit, action, or proceeding involving the validity or enforceability of a bond of an authority or the security for it, a bond reciting in substance that it has been issued by the authority to aid in financing a project is conclusively considered to have been issued for that purpose, and the project is conclusively considered to have been planned, located, and carried out in accordance with this part.
Renumbered and Amended by Chapter 212, 2012 General Session
