Terms Used In Utah Code > Title 41 > Chapter 21 - Vintage Vehicles

• Appraisal: A determination of property value.
• Board: means the board of trustees of a public infrastructure district. See Utah Code 17D-4-102
• 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.
• Creating entity: means the county, municipality, or development authority that approves the creation of a public infrastructure district. See Utah Code 17D-4-102
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Governing document: means the document governing a public infrastructure district to which the creating entity agrees before the creation of the public infrastructure district, as amended from time to time, and subject to the limitations of Title 17B, Chapter 1, Provisions Applicable to All Special Districts, and this chapter. See Utah Code 17D-4-102
• 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}
• Lawsuit: A legal action started by a plaintiff against a defendant based on a complaint that the defendant failed to perform a legal duty, resulting in harm to the plaintiff.
• Limited tax bond: means a bond:

  (i)	that is directly payable from and secured by ad valorem property taxes that are levied: (A)  by a public infrastructure district that issues the bond; and (B)  on taxable property within the district;

  (ii)	that is a general obligation of the public infrastructure district; and

  (iii)

  for which the ad valorem property tax levy for repayment of the bond does not exceed the property tax levy rate limit established under Section 17D-4-303 for any fiscal year, except as provided in Subsection 17D-4-301(8). See Utah Code 17D-4-102 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. Person: means :Utah Code 68-3-12.5 Property: includes both real and personal property. 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