Terms Used In Utah Code 11-17-7

• 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 Project: means : (i)  an industrial park, land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, whether or not in existence or under construction: (A)  that is suitable for industrial, manufacturing, warehousing, research, business, and professional office building facilities, commercial, shopping services, food, lodging, low income rental housing, recreational, or any other business purposes; (B)  that is suitable to provide services to the general public; (C)  that is suitable for use by any corporation, person, or entity engaged in health care services, including hospitals, nursing homes, extended care facilities, facilities for the care of persons with a physical or mental disability, and administrative and support facilities; or (D)  that is suitable for use by a state university for the purpose of aiding in the accomplishment of its authorized academic, scientific, engineering, technical, and economic development functions; (ii)  any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, used by any individual, partnership, firm, company, corporation, public utility, association, trust, estate, political subdivision, state agency, or any other legal entity, or its legal representative, agent, or assigns, for the reduction, abatement, or prevention of pollution, including the removal or treatment of any substance in process material, if that material would cause pollution if used without the removal or treatment; (iii)  an energy efficiency upgrade; (iv)  a renewable energy system; (v)  facilities, machinery, or equipment, the manufacturing and financing of which will maintain or enlarge domestic or foreign markets for Utah industrial products; or (vi)  any economic development or new venture investment fund to be raised other than from: (A)  municipal or county general fund money; (B)  money raised under the taxing power of any county or municipality; or (C)  money raised against the general credit of any county or municipality. See Utah Code 11-17-2      The proceeds from the sale of any bonds issued under this act shall be applied only for the purposes for which the bonds were issued; but any accrued interest and premium received upon any such sale shall be applied to the payment of the principal of or the interest on the bonds sold, and if for any reason any portion of such proceeds are not needed for the purposes for which the bonds were issued, then such unneeded portion of such proceeds shall be applied to the payment of the principal of or the interest on such bonds or in accordance with such other plan or device for the furtherance of the project and the protection of the bondholder as the governing body shall deem appropriate under the circumstances. Amended by Chapter 378, 2010 General Session   Previous section Next section    Chapter 17 Contents