Utah Code 11-70-605. Bonds exempt from taxes — Fairpark district may purchase its own bonds
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(1) A bond issued by the fairpark district under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax.
Terms Used In Utah Code 11-70-605
- Board: means the fairpark district's governing body, created in Section
11-70-301 . See Utah Code 11-70-101 - Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section
11-70-201 . See Utah Code 11-70-101 - Lien: A claim against real or personal property in satisfaction of a debt.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) The fairpark district may purchase its own bonds at a price that its board determines.
(3) Nothing in this section limits the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by the fairpark district on its rents, fees, grants, properties, or revenues.