§ 53A-28-102. Definitions.

(1) "Board" means the board of education of a school district existing now or later under the laws of the state.

(2) "Bond" means any general obligation bond or refunding bond issued after the effective date of this chapter.

(3) "Default avoidance program" means the school bond guaranty program established by this chapter.

(4) "General obligation bond" means any bond, note, warrant, certificate of indebtedness, or other obligation of a board payable in whole or in part from revenues derived from ad valorem taxes and that constitutes an indebtedness within the meaning of any applicable constitutional or statutory debt limitation.

(5) "Paying agent" means the corporate paying agent selected by the board for a bond issue who is:

(a) duly qualified; and

(b) acceptable to the state treasurer.

(6) "Permanent school fund" means the state school fund described in the Utah Constitution, Article X, Section 5(1).

(7) "Refunding bond" means any general obligation bond issued by a board for the purpose of refunding its outstanding general obligation bonds.

(8) "School district" means any school district existing now or later under the laws of the state.

Enacted by Chapter 62, 1996 General Session