2006 Utah Code - 17A-2-306 — Bonds.

     17A-2-306.   Bonds.
     (1) The board of trustees may, at any time after its organization, adopt a resolution determining it desirable to issue the bonds of the district for purposes and in amounts stated in the resolution. The resolution shall specify whether the bonds are payable from taxes or from the operating revenues of the district, or both. Where the bonds are payable from taxes, in whole or in part, the board of trustees shall call a bond election. If at the election, the proposition to issue the bonds is approved, the board of trustees shall issue the bonds in the manner provided in Title 11, Chapter 14, Local Government Bonding Act. If the bonds are payable solely from the operating revenues of the district, no election is required to approve their issuance, and such bonds shall be issued pursuant to the resolution and in the manner provided in Title 11, Chapter 14, Local Government Bonding Act. The board may reduce the amount of bonds.
     (2) Any bonds authorized prior to April 28, 1986, by an electric service district created pursuant to Chapter 2, Part 3, County Improvement Districts for Water, Sewerage, Flood Control, Electric and Gas, are considered valid and binding if all of the following conditions have been met:
     (a) a resolution has been adopted by the board of trustees of the electric service district, prior to April 28, 1986, for the purpose of authorizing the bonds, whether or not these bonds have been issued;
     (b) the bonds are delivered and paid for;
     (c) the electric service district which authorized the bonds complied with all of the requirements for electric service districts set forth in Section 17A-2-305; and
     (d) the requirements of Subsection (1) are met.
     (3) If any bonds have been authorized under the conditions described in Subsection (2), prior to April 28, 1986, the board of trustees of the electric service district may make any necessary changes in the specifications of the bonds or the proceedings authorizing the bonds.

Amended by Chapter 105, 2005 General Session