UTAH CODE (Last Updated: January 16, 2015) |
Title 11. Cities, Counties, and Local Taxing Units |
Chapter 14. Local Government Bonding Act |
Part 1. General Provisions |
§ 11-14-103. Bond issues authorized -- Purposes -- Use of bond proceeds.
Latest version.
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(2) Except as provided in Subsection (1)(c), any improvement, facility, or property under Subsection (1) need not lie within the limits of the local political subdivision. (3) A cost under Subsection (1) may include: (a) the cost of equipment and furnishings for such improvements, facilities, or property; (b) all costs incident to the authorization and issuance of bonds, including engineering, legal, and fiscal advisers' fees; (c) costs incident to the issuance of bond anticipation notes, including interest to accrue on bond anticipation notes; (d) interest estimated to accrue on the bonds during the period to be covered by the construction of the improvement, facility, or property and for 12 months after that period; and (e) other amounts which the governing body finds necessary to establish bond reserve funds and to provide working capital related to the improvement, facility, or property. (4) The proceeds from bonds issued on or after May 14, 2013 may not be used: (a) for operation and maintenance expenses more for than one year after the date any of the proceeds are first used for those expenses; or (b) for capitalization of interest more than five years after the bonds are issued.
Amended by Chapter 159, 2013 General Session