11-13-218.  Authority of public agencies or interlocal entities to issue bonds — Applicable provisions.

(1)  A public agency may, in the same manner as it may issue bonds for its individual acquisition of a facility or improvement or for constructing, improving, or extending a facility or improvement, issue bonds to:

Terms Used In Utah Code 11-13-218

  • Board: means the Permanent Community Impact Fund Board created by Section 35A-8-304, and its successors. See Utah Code 11-13-103
  • Governing board: includes a board of directors described in an agreement, as amended, that creates a project entity. See Utah Code 11-13-103
  • 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
  • Interlocal entity: means :
(a) a Utah interlocal entity, an electric interlocal entity, or an energy services interlocal entity; or
(b) a separate legal or administrative entity created under Section 11-13-205. See Utah Code 11-13-103
  • Public agency: means :
    (a) a city, town, county, school district, special district, special service district, an interlocal entity, or other political subdivision of the state;
    (b) the state or any department, division, or agency of the state;
    (c) any agency of the United States;
    (d) any political subdivision or agency of another state or the District of Columbia including any interlocal cooperation or joint powers agency formed under the authority of the law of the other state or the District of Columbia; or
    (e) any Indian tribe, band, nation, or other organized group or community which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians. See Utah Code 11-13-103
  • 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
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
    • (a)  acquire an interest in a jointly owned facility or improvement, a combination of a jointly owned facility or improvement, or any other facility or improvement; or

    (b)  pay all or part of the cost of constructing, improving, or extending a jointly owned facility or improvement, a combination of a jointly owned facility or improvement, or any other facility or improvement.

    • (2) 

    (a)  An interlocal entity may issue bonds or notes under a resolution, trust indenture, or other security instrument for the purpose of:

    (i)  financing its facilities or improvements; or

    (ii)  providing for or financing an energy efficiency upgrade, a renewable energy system, or electric vehicle charging infrastructure in accordance with Title 11, Chapter 42, Assessment Area Act.

    (b)  The bonds or notes may be sold at public or private sale, mature at such times and bear interest at such rates, and have such other terms and security as the entity determines.

    (c)  The bonds or notes described in this Subsection (2) are not a debt of any public agency that is a party to the agreement.

    (3)  The governing board may, by resolution, delegate to one or more officers of the interlocal entity or to a committee of designated members of the governing board the authority to:

    (a)  in accordance with and within the parameters set forth in the resolution, approve the final interest rate, price, principal amount, maturity, redemption features, or other terms of a bond or note; and

    (b)  approve and execute all documents relating to the issuance of the bond or note.

    (4)  Bonds and notes issued under this chapter are declared to be negotiable instruments and their form and substance need not comply with the Uniform Commercial Code.

    (5) 

    (a)  An interlocal entity shall issue bonds in accordance with, as applicable:

    (i)  Chapter 14, Local Government Bonding Act;

    (ii)  Chapter 27, Utah Refunding Bond Act;

    (iii)  this chapter; or

    (iv)  any other provision of state law that authorizes issuance of bonds by a public body.

    (b)  An interlocal entity is a public body as defined in Section 11-30-2.

    Amended by Chapter 371, 2016 General Session

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