Terms Used In Utah Code > Title 11 > Chapter 42 > Part 7 - Guaranty and Reserve Funds

• Assessment bonds: means bonds that are:

  (a)	issued under Section 11-42-605; and

  (b)

  payable in part or in whole from assessments levied in an assessment area, improvement revenues, and a guaranty fund or reserve fund. See Utah Code 11-42-102 Assessment fund: means a special fund that a local entity establishes under Section 11-42-412. See Utah Code 11-42-102 Bonds: means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102 Consumer: means a natural person who rents personal property under a rental purchase agreement to be used primarily for personal, family, or household purposes. See Utah Code 15-8-3 Contract: A legal written agreement that becomes binding when signed. Governing body: means : (a)  for a county, city, or town, the legislative body of the county, city, or town; (b)  for a special district, the board of trustees of the special district; (c)  for a special service district: (i)  the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or (ii)  the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301; (d)  for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102; (e)  for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and (f)  for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102 Guaranty fund: means the fund established by a local entity under Section 11-42-701. See Utah Code 11-42-102 Issuer: means a public entity which issues an obligation. See Utah Code 15-7-2 Jurisdictional boundaries: means : (a)  for a county, the boundaries of the unincorporated area of the county; and (b)  for each other local entity, the boundaries of the local entity. See Utah Code 11-42-102 Lessor: means a person who regularly provides the use of property through rental purchase agreements and to whom rental payments are initially payable on the face of a rental purchase agreement. See Utah Code 15-8-3 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Local entity: means : (a)  a county, city, town, special service district, or special district; (b)  an interlocal entity as defined in Section 11-13-103; (c)  the military installation development authority, created in Section 63H-1-201; (d)  a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority; (e)  the Utah Inland Port Authority, created in Section 11-58-201; or (f)  any other political subdivision of the state. See Utah Code 11-42-102 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. Obligation: means an agreement by a public entity to pay principal and any interest on the obligation, whether in the form of a contract to repay borrowed money, a lease, an installment purchase agreement, or otherwise, and includes a share, participation, or other interest in any such agreement. See Utah Code 15-7-2 official body: means the person or group of persons that is empowered to provide for the original issuance of an obligation of the issuer, by defining the obligation and its terms, conditions, and other incidents, or to perform duties with respect to a registered public obligation and any successor of such person or group of persons. See Utah Code 15-7-2 Person: means :Utah Code 68-3-12.5 Personal property: includes :Utah Code 68-3-12.5 Personal property: All property that is not real property. Prior bonds: means the assessment bonds that are refunded in part or in whole by refunding assessment bonds. See Utah Code 11-42-102 Property: includes both real and personal property. See Utah Code 68-3-12.5 Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102 Refunding assessment bonds: means assessment bonds that a local entity issues under Section 11-42-607 to refund, in part or in whole, assessment bonds. See Utah Code 11-42-102 Rental purchase agreement: means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes for an initial period of four months or less that is automatically renewable with each payment after the initial period, but which does not obligate or require the consumer to continue renting or using the property beyond the initial period, and that permits the consumer to become the owner of the property. See Utah Code 15-8-3 Reserve fund: means a fund established by a local entity under Section 11-42-702. See Utah Code 11-42-102 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 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC