2006 Utah Code - 17A-2-1823 — Bond issuance.

     17A-2-1823.   Bond issuance.
     (1) Any regional service area may:
     (a) in accordance with Title 11, Chapter 14, Local Government Bonding Act, authorize, issue, and dispose of its negotiable bonds for the purpose of paying all or part of the cost of acquiring, improving, or extending any improvement, facility, or property authorized to be acquired under this part;
     (b) in accordance with Title 11, Chapter 27, Utah Refunding Bond Act, authorize, issue, and dispose of its bonds; and
     (c) enjoy the benefits of Title 11, Chapter 30, Utah Bond Validation Act.
     (2) A regional service area may issue bonds and anticipated notes based upon revenue from property taxes, user charges, and other revenues and federal, state or local grants, borrow money, and incur debts as authorized by law or this part. A regional service area may satisfy any indebtedness as provided in this part or in any other applicable law and may, for purposes of satisfaction of this indebtedness, incur new obligations of the type satisfied.
     (3) All elections for the issuance of bonds of a regional service area shall be called, held, and conducted under the provisions of Title 11, Chapter 14, Local Government Bonding Act. The provisions of the election code shall not be applicable to the bond election.
     (4) If the board of trustees provides in any resolution authorizing revenue bonds for the creation of a reserve fund to assure the prompt payment of principal and interest, the board may provide for the accumulation of this fund not only from the revenues of the facilities, but also from a part of the bond proceeds it may consider advisable.

Amended by Chapter 105, 2005 General Session