(1) |
Terms Used In Utah Code 63H-8-403- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Employee of the corporation: means an individual who is employed by the corporation but who is not a trustee of the corporation. See Utah Code 63H-8-103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: means the state of Utah. See Utah Code 63H-8-103
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
(a) |
(i) |
Notes, bonds, and other obligations issued under this chapter are not a debt or liability of the state or of a county, city, town, school district, or other political subdivision of the state. |
(ii) |
The notes, bonds, or other obligations do not constitute the loaning of credit of the state or of a county, city, town, school district, or other political subdivision of the state. |
(iii) |
The notes, bonds, or other obligations are not payable from money other than that of the corporation. |
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(b) |
All notes, bonds, or other obligations shall contain on their face a statement to the effect that:
(i) |
the corporation shall pay the note, bond, or obligation solely from the revenues or other money of the corporation; |
(ii) |
neither the state nor any of its political subdivisions are obligated to pay the note, bond, or obligation; and |
(iii) |
neither the faith and credit nor the taxing power of the state or any of its political subdivisions are pledged to the payment of principal, redemption price of, or the interest on, the notes, bonds, or other obligations. |
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