53G-5-604. Limited obligations. Except as provided in Section
53G-5-607,
53G-5-608, or
53G-5-609, bonds, notes, and other obligations issued by the
authority:
| (1) |
do not constitute a debt, moral obligation, or liability of the state, or of any county, city, town, school district, or any other political subdivision of the state; |
Terms Used In Utah Code 53G-5-604
- Authority: means the Utah Charter School Finance Authority created by this part. See Utah Code 53G-5-601
- Charter school: means a school created under this chapter. See Utah Code 53G-5-601
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
| (2) |
do not constitute the loan of credit of the state or of any county, city, town, school district, or any other political subdivision of the state; and |
| (3) |
may not be paid from funds other than loan payments or lease revenues received from a charter school or other funds pledged by a charter school. |
Renumbered and Amended by Chapter 3, 2018 General Session
