Utah Code 11-65-503. Purchase of lake authority bonds

11-65-503. Purchase of lake authority bonds.

(1)	Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by the lake authority under this part with funds owned or controlled by the purchaser.

Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Lake authority: means the Utah Lake Authority, created in Section 11-65-201. See Utah Code 11-65-101
Person: means :Utah Code 68-3-12.5
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

(2)	Nothing in this section may be construed to relieve a purchaser of lake authority bonds of any duty to exercise reasonable care in selecting securities.

Enacted by Chapter 59, 2022 General Session