17C-1-502. Sources from which bonds may be made payable — Agency powers regarding bonds.
(1)
An agency may pay the principal and interest on a bond issued by the agency from:
Terms Used In Utah Code 17C-1-502
Agency funds: means money that an agency collects or receives for agency operations, implementing a project area plan or an implementation plan as defined in Section 17C-1-1001, or other agency purposes, including:
(a)
project area funds;
(b)
income, proceeds, revenue, or property derived from or held in connection with the agency's undertaking and implementation of project area development or agency-wide project development as defined in Section 17C-1-1001;
(c)
a contribution, loan, grant, or other financial assistance from any public or private source;
(d)
project area incremental revenue as defined in Section 17C-1-1001; or
Deed: The legal instrument used to transfer title in real property from one person to another.
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
Project area development: means activity within a project area that, as determined by the board, encourages, promotes, or provides development or redevelopment for the purpose of implementing a project area plan, including:
(a)
promoting, creating, or retaining public or private jobs within the state or a community;
(b)
providing office, manufacturing, warehousing, distribution, parking, or other facilities or improvements;
(c)
planning, designing, demolishing, clearing, constructing, rehabilitating, or remediating environmental issues;
(d)
providing residential, commercial, industrial, public, or other structures or spaces, including recreational and other facilities incidental or appurtenant to the structures or spaces;
(e)
altering, improving, modernizing, demolishing, reconstructing, or rehabilitating existing structures;
(f)
providing open space, including streets or other public grounds or space around buildings;
(g)
providing public or private buildings, infrastructure, structures, or improvements;
(h)
relocating a business;
(i)
improving public or private recreation areas or other public grounds;
(j)
eliminating a development impediment or the causes of a development impediment;
(k)
redevelopment as defined under the law in effect before May 1, 2006; or
(l)
any activity described in this Subsection (48) outside of a project area that the board determines to be a benefit to the project area. See Utah Code 17C-1-102
the United States, including an agency of the United States;
(b)
the state, including any of the state's departments or agencies; or
(c)
a political subdivision of the state, including a county, municipality, school district, special district, special service district, community reinvestment agency, or interlocal cooperation entity. See Utah Code 17C-1-102
(a)
the income and revenues of the project area development financed with the proceeds of the bond;
(b)
the income and revenue of certain designated project area development regardless of whether the project area development is financed in whole or in part with the proceeds of the bond;
(c)
the income, proceeds, revenue, property, or agency funds derived from or held in connection with the agency’s undertaking and implementation of project area development;
(d)
project area funds;
(e)
agency revenues generally;
(f)
a contribution, loan, grant, or other financial assistance from a public entity in aid of project area development, including the assignment of revenue or taxes in support of an agency bond;
(g)
project area incremental revenue or property tax revenue as those terms are defined in Section 17C-1-1001; or
(h)
funds derived from any combination of the methods listed in Subsections (1)(a) through (g).
(2)
In connection with the issuance of an agency bond, an agency may:
(a)
pledge all or any part of the agency’s gross or net rents, fees, or revenues to which the agency’s right then exists or may thereafter come into existence;
(b)
encumber by mortgage, deed of trust, or otherwise all or any part of the agency’s real or personal property, then owned or thereafter acquired; and
(c)
make the covenants and take the action that:
(i)
may be necessary, convenient, or desirable to secure the bond; or
(ii)
except as otherwise provided in this chapter, will tend to make the bond more marketable, even though such covenants or actions are not specifically enumerated in this chapter.
