2006 Utah Code - 17A-2-1826 — Sinking fund.

     17A-2-1826.   Sinking fund.
     (1) Whenever a contract of indebtedness has been created by or bonds have been issued by a regional service area payable in whole or in part from the proceeds of taxes levied under this part, the board of trustees may make the annual levy of taxes under this part in an amount that 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.
     (2) The board shall cause the surplus funds to be placed in a sinking fund which may be used for the payment 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.

Enacted by Chapter 216, 1995 General Session