As used in this part:
| (1) |
“Bond anticipation note” means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 5. |
Terms Used In Utah Code 63B-11-601
- Bond anticipation note: means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under 5. See Utah Code 63B-11-601
- Bonds: means any bonds, bond anticipation notes, or other obligations authorized under this title for which the full faith, credit, and resources and ad valorem taxing power of the state have been pledged for the payment of the principal of and interest on the bonds. See Utah Code 63B-1-101
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
- 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) |
“Flexible note” means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity. |
| (3) |
| (a) |
“Short-term series note” means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:
| (i) |
each note will be paid from the proceeds of one or more renewal notes of that series; and |
| (ii) |
the final note or notes of the series will be paid from:
| (A) |
the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or |
| (B) |
money of the state on hand and legally available for that purpose. |
|
|
| (b) |
“Short-term series note” includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series. |
|
Enacted by Chapter 266, 2002 General Session
