2006 Utah Code - 17A-2-827 — Proceeds of sale of bonds.

     17A-2-827.   Proceeds of sale of bonds.
     Such bonds may be issued and sold by the board of trustees as they determine, and the proceeds thereof, excepting premium and accrued interest, shall be placed in the treasury of the district to the credit of the proper improvement fund, and shall be applied exclusively to the purposes and objects mentioned in the ordinance; provided, that the interest on the bonds accruing during the construction period and for one year thereafter shall be considered to be a construction cost within the meaning of the purposes and objects mentioned in the ordinance, and such interest may be paid from the proceeds of the sales of such bonds. Premium and accrued interest shall be placed in the fund to be applied to the payment of interest on, and the retirement of, the bonds so sold. For the purposes of this section, the construction period shall be considered to end when the works, the construction of which shall have been authorized from the proceeds of any such bond issue, have been placed in operation to such extent as to result in the sale and delivery in the district, of water transported and provided by means of such works.

Amended by Chapter 254, 2000 General Session