Each
local entity that has issued interim warrants or
bond anticipation notes shall pay the warrants or notes from:
(1)
proceeds from the sale of assessment bonds ;
Terms Used In Utah Code 11-42-603 Assessment bonds : means bonds that are:(b) payable in part or in whole from assessments levied in an assessment area, improvement revenues, and a guaranty fund or reserve fund. See Utah Code 11-42-102 Bond anticipation notes : means notes issued under Section 11-42-602 in anticipation of the issuance of assessment bonds. See Utah Code 11-42-102 Bonds : means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102 Guaranty fund : means the fund established by a local entity under Section 11-42-701 . See Utah Code 11-42-102 Local entity : means :(a) a county, city, town, special service district, or special district;
(b) an interlocal entity as defined in Section 11-13-103 ;
(c) the military installation development authority, created in Section 63H-1-201 ;
(e) the Utah Inland Port Authority, created in Section 11-58-201 ; or
(f) any other political subdivision of the state. See Utah Code 11-42-102 Reserve fund : means a fund established by a local entity under Section 11-42-702 . See Utah Code 11-42-102
(2)
cash the local entity receives from the payment for improvements;
(4)
improvement revenues that are not pledged to the payment of assessment bonds ;
(5)
proceeds from the sale of interim warrants or bond anticipation notes; or
(6)
the local entity’s guaranty fund or, if applicable, the reserve fund .
Amended by Chapter 246 , 2009 General Session
