(1)  A boundary adjustment or annexation under this part may not jeopardize or endanger any general obligation or revenue bond.

Terms Used In Utah Code 10-2-420

  • Municipality: means :
(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;
(b) a town, as classified in Section 10-2-301; or
(c) a metro township as that term is defined in Section 10-2a-403 unless the term is used in the context of authorizing, governing, or otherwise regulating the provision of municipal services. See Utah Code 10-1-104
  • 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.
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
    • (2)  A bondholder may require the payment of property taxes from any area that:

    (a)  was included in the taxable value of the municipality or other governmental entity issuing the bond at the time the bond was issued; and

    (b)  is no longer within the boundaries of the municipality or other governmental entity issuing the bond due to the boundary adjustment or annexation.

    Repealed and Re-enacted by Chapter 389, 1997 General Session

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