63B-1a-102.  Commission responsibilities — Manner of issuance — Plan of financing — Registration — Signatures — Replacement — Reporting.

(1)  The commission may determine by resolution:

Terms Used In Utah Code 63B-1a-102

  • 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
  • Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
  • Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See 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
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(a)  the manner in which bonds issued under this chapter may be authorized, sold, and issued;

(b)  to issue bonds in one or more series;

(c)  the amounts, dates, interest rates, including a variable rate or rates, and maturity dates of the bonds;

(d)  the manner of sale, including public or private sale;

(e)  the terms and conditions of sale, including price, whether at, below, or above face value;

(f)  the denominations, registration, exchange, form, including book-entry only, manner of execution, manner of authentication, place and medium of purchase, redemption terms, and tender rights of the bonds; and

(g)  other provisions and details that it considers appropriate.

(2)  The commission may, by resolution, adopt a plan of financing, which may include terms and conditions of arrangements entered into by the commission on behalf of the state with financial and other institutions for bond insurance, letters of credit, standby bond purchase agreements, reimbursement agreements, and remarketing, indexing, and tender agent agreements relating to the bonds, including payment from any legally available source of fees, charges, or other amounts coming due under the agreements entered into by the commission.

(3)  The commission may provide for the services and payment for the services of one or more financial institutions or other entities, persons, or nominees, within or outside the state, for the authentication, registration, transfer, including record, bookkeeping, or book-entry functions, exchange, and payment of the bonds.

(4)  The commission may provide for the calculation and payment to the United States of whatever amounts are necessary to comply with the Internal Revenue Code.

(5) 

(a)  The commission shall, by resolution, authorize a public official to sign the bonds.

(b)  That signature may be a facsimile signature of that official that is imprinted, engraved, stamped, or otherwise placed on the bonds.

(c)  If all signatures of public officials on the bonds are facsimile signatures, the commission shall provide for a manual authenticating signature on the bonds by or on behalf of a designated authentication agent.

(d)  If a public official ceases to hold office before delivery of the bonds signed by that official, the signature or facsimile signature of the public official is nevertheless valid for all purposes.

(6)  The commission may cause a facsimile of the state seal to be imprinted, engraved, stamped, or otherwise placed on the bonds.

(7)  The commission shall provide an annual report of its proceedings to the governor to include in his budget for as long as any bonds issued under this chapter remain outstanding.

(8) 

(a)  The commission shall submit an annual written report of the commission’s proceedings to the State Finance Review Commission created in Section 63C-25-201.

(b) 

(i)  The report shall include a description of any outstanding bonds issued by the authority, including loan amounts, terms, and security; and

(ii)  an explanation of why the loan amounts and terms are appropriate for the project and in the best interest of the state.

Amended by Chapter 207, 2022 General Session

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