Utah Code 11-42-604. Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes

11-42-604. Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes.

(1)	A local entity may publish notice, as provided in Subsection (2), of a resolution or ordinance that the governing body has adopted authorizing the issuance of interim warrants or bond anticipation notes.

Terms Used In Utah Code 11-42-604

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
Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
Governing body: means :

(a)	for a county, city, or town, the legislative body of the county, city, or town;

(b)	for a special district, the board of trustees of the special district;

(c)

for a special service district:

(i)	the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or

(ii)	the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;

(d)	for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;

(e)	for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and

(f)

for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102

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}

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;

(d)	a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;

(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

Person: means :Utah Code 68-3-12.5

(2)

(a)

If a local entity chooses to publish notice under Subsection (1), the notice shall:

(i)

be published:

(A)	for the local entity, as a class A notice under Section 63G-30-102, for at least 30 days; and

(B)	as required in Section 45-1-101; and

(ii)

contain:

(A)	the name of the issuer of the interim warrants or bond anticipation notes;

(B)	the purpose of the issue;

(C)	the maximum principal amount that may be issued;

(D)	the maximum length of time over which the interim warrants or bond anticipation notes may mature;

(E)	the maximum interest rate, if there is a maximum rate; and

(F)	the times and place where a copy of the resolution or ordinance may be examined, as required under Subsection (2)(b).

(b)	The local entity shall allow examination of the resolution or ordinance authorizing the issuance of the interim warrants or bond anticipation notes at its office during regular business hours.

(3)

Any person may, within 30 days after publication of a notice under Subsection (1), file a verified, written complaint in the district court of the county in which the person resides, contesting the regularity, formality, or legality of the interim warrants or bond anticipation notes issued by the local entity or the proceedings relating to the issuance of the interim warrants or bond anticipation notes.

(4)

After the 30-day period under Subsection (3), no person may contest the regularity, formality, or legality of the interim warrants or bond anticipation notes issued by a local entity under the resolution or ordinance that was the subject of the notice under Subsection (1), or the proceedings relating to the issuance of the interim warrants or bond anticipation notes.

Amended by Chapter 435, 2023 General Session

Previous section

Next section

Part 6 Contents