2006 Utah Code - 9-4-619 — Bonds to be authorized by resolution -- Form -- Sale -- Negotiability -- Validity presumed.

     9-4-619.   Bonds to be authorized by resolution -- Form -- Sale -- Negotiability -- Validity presumed.
     (1) Bonds of an authority shall be authorized by resolution and may be issued in one or more series and shall bear dates, mature, bear interest rates, be in denominations, be either coupon or registered, carry conversion or registration privileges, have rank or priority, be executed, be payable, and be subject to terms of redemption, with or without premium, as the resolution or its trust indenture provides.
     (2) The bonds may bear interest at a variable interest rate as the resolution provides. The resolution may establish a method, formula, or index pursuant to which the interest rate on the bonds may be determined from time to time.
     (3) In connection with the bonds the authority may authorize and enter into agreements or other arrangements with financial, banking, and other institutions for letters of credit, standby letters of credit, surety bonds, reimbursement agreements, remarketing agreements, indexing agreements, tender agent agreements, and other agreements with respect to securing the bonds, with respect to enhancing the marketability and creditworthiness of the bonds, with respect to determining a variable interest rate on the bonds, and with respect to the payment from any legally available source, including the proceeds of the bonds, of fees, charges, and other amounts coming due with respect to any such agreements.
     (4) The bonds may be sold at public or private sale in a manner and at prices, either at, in excess of, or below par value, as provided by resolution.
     (5) If members or officers of an authority whose signatures appear on bonds or coupons cease to be members or officers before the delivery of the bonds, their signatures are valid and sufficient for all purposes.
     (6) Any bonds issued under this part are fully negotiable.
     (7) In any suit, action, or proceeding involving the validity or enforceability of any bond of an authority or the security for it, any bond reciting in substance that it has been issued by the authority to aid in financing a project shall be conclusively deemed to have been issued for such purposes, and the project shall be conclusively deemed to have been planned, located, and carried out in accordance with this part.

Renumbered and Amended by Chapter 241, 1992 General Session