The proceedings of the governing body under which the bonds are authorized to be issued may:

(1)  if the bonds bear interest at a variable rate or rates, specify the methods, formulas, or indices by which the interest rate or rates on the bonds may be determined;

Terms Used In Utah Code 11-17-4.6

  • Bonds: means bonds, notes, or other evidences of indebtedness. See Utah Code 11-17-2
  • Governing body: means :
(a) for a county, city, town, or metro township, the legislative body of the county, city, town, or metro township;
(b) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
(c) for a state university except as provided in Subsection (4)(d), the board or body having the control and supervision of the state university; and
(d) for a nonprofit corporation or foundation created by and operating under the auspices of a state university, the board of directors or board of trustees of that corporation or foundation. See Utah Code 11-17-2
  • 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
  • Municipality: means any incorporated city, town, or metro township in the state, including cities or towns operating under home rule charters. See Utah Code 11-17-2
  • 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
  • State university: means an institution of higher education as described in Section 53B-2-101 and includes any nonprofit corporation or foundation created by and operating under their authority. See Utah Code 11-17-2
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
    • (2)  specify the terms and conditions under which the bonds may be issued, sold, and delivered, the officer of the issuing municipality, county, or state university responsible for the issuance, execution, and delivery of the bonds, the maximum amount of bonds which may be outstanding at any one time, the source of payment of the bonds, which may include the proceeds of refunding bonds issued under this chapter, and all other details necessary or appropriate for the issuance of bonds not inconsistent with this chapter; and

    (3)  delegate, by resolution, to one or more officers of the issuing municipality, county, or state university the authority to:

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

    (b)  approve and execute all documents relating to the issuance of the bonds.

    Amended by Chapter 145, 2011 General Session

      Previous section
    Next section  
     Chapter 17 Contents