2006 Utah Code - 17A-2-1434 — Creation of sinking fund.

     17A-2-1434.   Creation of sinking fund.
     Whenever a contract of indebtedness has been created by the district or bonds issued by the district payable in whole or in part from the proceeds of assessments and taxes levied under this part, it shall be lawful for the board to make the annual levy of taxes and special assessments under this part in such amount as will create a surplus of funds to meet the annual installments of indebtedness on the contract or the payment of the principal of and interest on the bonds, and the necessary maintenance and operating charges; and the board shall cause such surplus funds to be placed in a sinking fund which may be used for the payments of contingencies, defaults, and delinquencies and to pay the future annual installments of indebtedness on the contract or principal of and interest on the bonds.

Renumbered and Amended by Chapter 186, 1990 General Session