Utah Code > Title 11 > Chapter 27 – Utah Refunding Bond Act


§ 11-27-1	Short title — Recital of authority required on face of bonds
§ 11-27-2	Definitions
§ 11-27-3	Action by resolution of governing body — Purposes for bond issue — Exchange or sale — Interest rate limitations inapplicable — Principal amount — Investment of proceeds — Safekeeping and application of proceeds — Computing indebtedness — Payment o
§ 11-27-3.5	Tax levy to pay state refunding bonds — Sinking fund — Payments — Abatement of tax — Investment of fund — Interest rates on bonds — Security for bonds
§ 11-27-4	Publication of resolution — Notice of bond issue — Contest of resolution or proceeding
§ 11-27-5	Negotiability of bonds — Intent and construction of chapter — Budget for payment of bonds — Proceedings limited to those required by chapter — Notice — No election required — Application of chapter
§ 11-27-6	Bonds and interest exempt from taxation except corporate franchise tax
§ 11-27-7	Chapter inapplicable to anticipation bonds and obligations
§ 11-27-8	Chapter controlling in conflict of laws
§ 11-27-9	Prerequisites to issuance of state general obligation refunding bonds
§ 11-27-10	Legal investment status of refunding bonds

Terms Used In Utah Code > Title 11 > Chapter 27 - Utah Refunding Bond Act

Accident and health insurance: means insurance to provide protection against economic losses resulting from:

(i)

a medical condition including:

(A)	a medical care expense; or

(B)	the risk of disability;

(ii)	accident; or

(iii)

sickness. See Utah Code 31A-1-301

Adjudicative proceeding: means :Utah Code 68-3-12.5

Administrator: means the same as that term is defined in Subsection (182). See Utah Code 31A-1-301

Advance refunding bonds: means refunding bonds issued for the purpose of refunding outstanding bonds in advance of their maturity. See Utah Code 11-27-2

Affiliate: means a person who controls, is controlled by, or is under common control with, another person. See Utah Code 31A-1-301

Affiliated business: means the gross transaction revenue of a title entity's title insurance business in the state that is the result of an affiliated business arrangement. See Utah Code 31A-23a-1001

Affiliated business arrangement: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001

Agency: means :

(a)	a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and

(b)

an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301

Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.

Applicable percentage: means :

(a)

on February 1, 2020, through January 31, 2021, 0. See Utah Code 31A-23a-1001

Application: means a document:

(a)

(i)	completed by an applicant to provide information about the risk to be insured; and

(ii)

that contains information that is used by the insurer to evaluate risk and decide whether to:

(A)

insure the risk under:

(I)	the coverage as originally offered; or

(II)	a modification of the coverage as originally offered; or

(B)	decline to insure the risk; or

(b)

used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301

Assessments: means a special tax levied against property within a special improvement district to pay all or a portion of the costs of making improvements in the district. See Utah Code 11-27-2

Associate: means the same as that term is defined in 12 U. See Utah Code 31A-23a-1001

authorized insurer: means an insurer:

(i)	holding a valid certificate of authority to do an insurance business in this state; and

(ii)

transacting business as authorized by a valid certificate. See Utah Code 31A-1-301

Bond: means any revenue bond, general obligation bond, tax increment bond, special improvement bond, local building authority bond, or refunding bond. See Utah Code 11-27-2

business of insurance: includes :

(a)	providing health care insurance by an organization that is or is required to be licensed under this title;

(b)

providing a benefit to an employee in the event of a contingency not within the control of the employee, in which the employee is entitled to the benefit as a right, which benefit may be provided either:

(i)	by a single employer or by multiple employer groups; or

(ii)	through one or more trusts, associations, or other entities;

(c)

providing an annuity:

(i)	including an annuity issued in return for a gift; and

(ii)	except an annuity provided by a person specified in Subsections 31A-22-1305(2) and (3);

(d)	providing the characteristic services of a motor club;

(e)	providing another person with insurance;

(f)	making as insurer, guarantor, or surety, or proposing to make as insurer, guarantor, or surety, a contract or policy offering title insurance;

(g)

transacting or proposing to transact any phase of title insurance, including:

(i)	solicitation;

(ii)	negotiation preliminary to execution;

(iii)

execution of a contract of title insurance;

(iv)	insuring; and

(v)	transacting matters subsequent to the execution of the contract and arising out of the contract, including reinsurance;

(h)	transacting or proposing a life settlement; and

(i)

doing, or proposing to do, any business in substance equivalent to Subsections (95)(a) through (h) in a manner designed to evade this title. See Utah Code 31A-1-301

Cancellation fee waiver: means a contractual agreement that:

(a)	is between a supplier of a travel assistance service and the supplier's customer; and

(b)

waives a non-refundable cancellation fee provision of the supplier's underlying travel contract, with or without regard to:

(i)	the reason for the cancellation; or

(ii)

the form of reimbursement. See Utah Code 31A-23a-902

City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5

Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.

consultant: means a person who:

(a)	advises another person about insurance needs and coverages;

(b)	is compensated by the person advised on a basis not directly related to the insurance placed; and

(c)

except as provided in Section 31A-23a-501, is not compensated directly or indirectly by an insurer or producer for advice given. See Utah Code 31A-1-301

Contract: A legal written agreement that becomes binding when signed.

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.

County legislative body: means :Utah Code 68-3-12.5

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

Deadline: means a final date or time:

(a)

imposed by:

(i)

statute;

(ii)

rule; or

(iii)

order; and

(b)

by which a required filing or payment must be received by the department. See Utah Code 31A-1-301

Department: means the Insurance Department. See Utah Code 31A-1-301

Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301

Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:

(a)

perform the duties of:

(i)	that individual's occupation; or

(ii)	an occupation for which the individual is reasonably suited by education, training, or experience; or

(b)

perform two or more of the following basic activities of daily living:

(i)

eating;

(ii)	toileting;

(iii)

transferring;

(iv)	bathing; or

(v)

dressing. See Utah Code 31A-1-301

Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 31A-23a-1001

Employee: means :

(a)	an individual employed by an employer; or

(b)

an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301

Employee benefits: means one or more benefits or services provided to:

(a)	an employee; or

(b)

a dependent of an employee. See Utah Code 31A-1-301

Escrow: Money given to a third party to be held for payment until certain conditions are met.

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

Filed: means that a filing is:

(i)	submitted to the department as required by and in accordance with applicable statute, rule, or filing order;

(ii)	received by the department within the time period provided in applicable statute, rule, or filing order; and

(iii)

accompanied by the appropriate fee in accordance with:

(A)	Section 31A-3-103; or

(B)

rule. See Utah Code 31A-1-301

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

Form: means one of the following prepared for general use:

(i)

a policy;

(ii)	a certificate;

(iii)

an application;

(iv)	an outline of coverage; or

(v)

an endorsement. See Utah Code 31A-1-301

Formula: means a description of or directions for a computation in the Utah Code. See Utah Code 63I-6-102

Fraud: Intentional deception resulting in injury to another.

Governing body: means the council, commission, county legislative body, board of directors, board of trustees, board of education, board of higher education, or other legislative body of a public body designated in this chapter that is vested with the legislative powers of the public body, and, with respect to the state, the State Bonding Commission created by Section 63B-1-201. See Utah Code 11-27-2

Governing body: means collectively the legislative body and the executive of any municipality. See Utah Code 10-1-104

Government obligations: means :

(a)	direct obligations of the United States of America, or other securities, the principal of and interest on which are unconditionally guaranteed by the United States of America; or

(b)

obligations of any state, territory, or possession of the United States, or of any of the political subdivisions of any state, territory, or possession of the United States, or of the District of Columbia described in Section 103(a), Internal Revenue Code of 1986. See Utah Code 11-27-2

Health care: means any of the following intended for use in the diagnosis, treatment, mitigation, or prevention of a human ailment or impairment:

(a)	a professional service;

(b)	a personal service;

(c)	a facility;

(d)	equipment;

(e)

a device;

(f)	supplies; or

(g)

medicine. See Utah Code 31A-1-301

health insurance: means insurance providing:

(i)	a health care benefit; or

(ii)

payment of an incurred health care expense. See Utah Code 31A-1-301

Individual: means a natural person. See Utah Code 31A-1-301

Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.

Inland marine insurance: includes insurance covering:

(a)	property in transit on or over land;

(b)	property in transit over water by means other than boat or ship;

(c)	bailee liability;

(d)	fixed transportation property such as bridges, electric transmission systems, radio and television transmission towers and tunnels; and

(e)

personal and commercial property floaters. See Utah Code 31A-1-301

insolvent: means that:

(a)	an insurer is unable to pay the insurer's obligations as the obligations are due;

(b)	an insurer's total adjusted capital is less than the insurer's mandatory control level RBC under Subsection 31A-17-601(8)(c); or

(c)

an insurer's admitted assets are less than the insurer's liabilities. See Utah Code 31A-1-301

Insurance: includes :

(i)	a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;

(ii)	a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and

(iii)

a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301

Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:

(i)	a policyholder;

(ii)	a subscriber;

(iii)

a member; and

(iv)

a beneficiary. See Utah Code 31A-1-301

Insurer: is a s defined in Section 31A-1-301, except that the following persons or similar persons are not insurers for purposes of 7:

(a)

a risk retention group as defined in:

(i)

the Superfund Amendments and Reauthorization Act of 1986, Pub. See Utah Code 31A-23a-102

Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}

Issuer: means the public body issuing any bond or bonds. See Utah Code 11-27-2

Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.

License: includes a certificate of authority issued to an insurer. See Utah Code 31A-1-301

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Managing general agent: means a person that:

(i)	manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office;

(ii)	acts as an agent for the insurer whether it is known as a managing general agent, manager, or other similar term;

(iii)

produces and underwrites an amount of gross direct written premium equal to, or more than, 5% of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year:

(A)	with or without the authority;

(B)	separately or together with an affiliate; and

(C)	directly or indirectly; and

(iv)

(A)	adjusts or pays claims in excess of an amount determined by the commissioner; or

(B)

negotiates reinsurance on behalf of the insurer. See Utah Code 31A-23a-102

Mathematical equation: means a symbolic expression of a formula that is created by the legislative fiscal analyst under Subsection 63I-6-103(1). See Utah Code 63I-6-102

Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

Municipal: means of or relating to a municipality. See Utah Code 10-1-104

Municipality: means :

(a)	a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;

(b)	a town, as classified in Section 10-2-301; or

(c)

a metro township as that term is defined in Section 10-2a-403 unless the term is used in the context of authorizing, governing, or otherwise regulating the provision of municipal services. See Utah Code 10-1-104

National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. ^{Source: OCC}

New or newly affiliated title entity: means a title entity that:

(a)	is licensed as a title entity for the first time on or after May 14, 2019; or

(b)

(i)	is licensed as a title entity before May 14, 2019; and

(ii)

enters into an affiliated business arrangement for the first time on or after May 14, 2019. See Utah Code 31A-23a-1001

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.

Order: means an order of the commissioner. See Utah Code 31A-1-301

Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

Person: means :Utah Code 68-3-12.5

Person: includes :

(a)	an individual;

(b)	a partnership;

(c)	a corporation;

(d)	an incorporated or unincorporated association;

(e)	a joint stock company;

(f)

a trust;

(g)	a limited liability company;

(h)	a reciprocal;

(i)	a syndicate; or

(j)

another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301

Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 10-1-104

Personally identifiable information: is a s defined in 45 C. See Utah Code 31A-23b-102

Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.

Policy: includes a service contract issued by:

(i)	a motor club under Chapter 11, Motor Clubs;

(ii)	a service contract provided under Chapter 6a, Service Contracts; and

(iii)

a corporation licensed under:

(A)	Chapter 7, Nonprofit Health Service Insurance Corporations; or

(B)

Chapter 8, Health Maintenance Organizations and Limited Health Plans. See Utah Code 31A-1-301

Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301

PPACA: means the Patient Protection and Affordable Care Act, Pub. See Utah Code 31A-1-301

Premium: includes , however designated:

(i)	an assessment;

(ii)	a membership fee;

(iii)

a required contribution; or

(iv)

monetary consideration. See Utah Code 31A-1-301

Presiding officer: A majority-party Senator who presides over the Senate and is charged with maintaining order and decorum, recognizing Members to speak, and interpreting the Senate's rules, practices and precedents.

Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.

Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301

Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5

producer: means a person licensed or required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Utah Code 31A-1-301

Producer: means the same as the term "person who is in a position to refer settlement service business" is defined in 12 C. See Utah Code 31A-23a-1001

Property: includes both real and personal property. See Utah Code 68-3-12.5

Public body: means the state or any agency, authority, instrumentality, or institution of the state, or any municipal or quasi-municipal corporation, political subdivision, agency, school district, special district, special service district, or other governmental entity now or hereafter existing under the laws of the state. See Utah Code 11-27-2

Public programs: means the state Medicaid program in Title 26B, Chapter 3, Health Care - Administration and Assistance, and 9. See Utah Code 31A-23b-102

Quorum: The number of legislators that must be present to do business.

Refunding bonds: means bonds issued under the authority of this chapter for the purpose of refunding outstanding bonds. See Utah Code 11-27-2

Reinsurance: means an insurance transaction where an insurer, for consideration, transfers any portion of the risk it has assumed to another insurer. See Utah Code 31A-1-301

Resident: is a s defined by rule made by the commissioner in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act. See Utah Code 31A-23b-102

Resolution: means a resolution of the governing body of a public body taking formal action under this chapter. See Utah Code 11-27-2

RESPA: means the federal Real Estate Settlement Procedures Act, 12 U. See Utah Code 31A-23a-1001

Security: means a:

(i)

note;

(ii)

stock;

(iii)

bond;

(iv)	debenture;

(v)	evidence of indebtedness;

(vi)	certificate of interest or participation in a profit-sharing agreement;

(vii)

collateral-trust certificate;

(viii)

preorganization certificate or subscription;

(ix)	transferable share;

(x)	investment contract;

(xi)	voting trust certificate;

(xii)

certificate of deposit for a security;

(xiii)

certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;

(xiv)

commodity contract or commodity option;

(xv)	certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or

(xvi)

another interest or instrument commonly known as a security. See Utah Code 31A-1-301

Sell: means to exchange a contract of insurance:

(a)	by any means;

(b)	for money or its equivalent; and

(c)

on behalf of an insurance company. See Utah Code 31A-1-301

Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

Small employer: means , in connection with a health benefit plan and with respect to a calendar year and to a plan year, an employer who:

(i)

(A)	employed at least one but not more than 50 eligible employees on business days during the preceding calendar year; or

(B)	if the employer did not exist for the entirety of the preceding calendar year, reasonably expects to employ an average of at least one but not more than 50 eligible employees on business days during the current calendar year;

(ii)	employs at least one employee on the first day of the plan year; and

(iii)

for an employer who has common ownership with one or more other employers, is treated as a single employer under 26 U. See Utah Code 31A-1-301

Solicit: means the same as that term is defined in Section 31A-23a-102. See Utah Code 31A-23b-102

Special improvement bond: means any bond, note, warrant, certificate of indebtedness, or other obligation of a public body or any predecessor of any public body that is payable from assessments levied on benefitted property and from any special improvement guaranty fund. See Utah Code 11-27-2

Special improvement guaranty fund: means any special improvement guaranty fund established under Title 10, Chapter 6, Uniform Fiscal Procedures Act for Utah Cities; Title 11, Chapter 42, Assessment Area Act; or any predecessor or similar statute. See Utah Code 11-27-2

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

Statute: A law passed by a legislature.

Subpoena: A command to a witness to appear and give testimony.

Sufficient capital and net worth: means :

(a)

for a new or newly affiliated title entity:

(i)	$100,000 for the first five years after becoming a new or newly affiliated title entity; or

(ii)

after the first five years after becoming a new or newly affiliated title entity, the greater of:

(A)	$50,000; or

(B)	on February 1 of each year, an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000; or

(b)

for a title entity licensed before May 14, 2019, who is not a new or newly affiliated title entity:

(i)

for the time period beginning on February 1, 2020, and ending on January 31, 2029, the lesser of:

(A)	an amount equal to the applicable percentage of the title entity's average annual gross revenue over the two calendar years immediately preceding the February 1 on which the applicable percentage first applies; or

(B)	$150,000; and

(ii)

beginning on February 1, 2029, the greater of:

(A)	$50,000; or

(B)

an amount equal to 5% of the title entity's average annual gross revenue over the preceding two calendar years, up to $150,000. See Utah Code 31A-23a-1001

Tax increment bond: means any bond, note, warrant, certificate of indebtedness, or other obligation of a public body issued under authority of Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act. See Utah Code 11-27-2

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Title entity: means :

(a)	a title licensee as defined in Section 31A-2-402; or

(b)

a title insurer as defined in Section 31A-23a-415. See Utah Code 31A-23a-1001

Title insurance: means the insuring, guaranteeing, or indemnifying of an owner of real or personal property or the holder of liens or encumbrances on that property, or others interested in the property against loss or damage suffered by reason of liens or encumbrances upon, defects in, or the unmarketability of the title to the property, or invalidity or unenforceability of any liens or encumbrances on the property. See Utah Code 31A-1-301

Travel administrator: means a person who, in connection with travel insurance, directly or indirectly:

(i)	underwrites;

(ii)	collects a charge, collateral, or a premium from a resident of this state; or

(iii)

adjusts or settles a claim on a resident of this state. See Utah Code 31A-23a-902

Travel assistance service: includes :

(i)	a security advisory;

(ii)	destination information;

(iii)

a vaccination and immunization information service;

(iv)	a travel reservation service;

(v)	entertainment;

(vi)	activity and event planning;

(vii)

translation assistance;

(viii)

emergency messaging;

(ix)	an international legal or medical referral;

(x)	medical case monitoring;

(xi)	coordination of transportation arrangements;

(xii)

emergency cash transfer assistance;

(xiii)

medical prescription replacement assistance;

(xiv)

passport and travel document replacement assistance;

(xv)	lost luggage assistance; and

(xvi)

a concierge service. See Utah Code 31A-23a-902

Travel insurance: means insurance coverage for personal risks incident to planned travel, including:

(i)	interruption or cancellation of a trip or event;

(ii)	loss of baggage or personal effects;

(iii)

damages to accommodations or rental vehicles;

(iv)	sickness, accident, disability, or death during travel;

(v)	emergency evacuation;

(vi)	repatriation of remains; or

(vii)

a contractual obligation that indemnifies or pays a specified amount to the traveler upon a determinable contingency related to travel. See Utah Code 31A-23a-902

Trustee: A person or institution holding and administering property in trust.

United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5

Utah Code: means the 1953 recodification of the Utah Code, as amended, unless the text expressly references a portion of the 1953 recodification of the Utah Code as it existed:Utah Code 68-3-12.5

Writing: includes :Utah Code 68-3-12.5