2006 Utah Code - 17A-3-909 — Bonds -- Terms and conditions.

     17A-3-909.   Bonds -- Terms and conditions.
     (1) A building authority may issue and sell its bonds for the purpose of paying the costs of acquiring, improving, or extending a project.
     (2) Bonds shall be fully negotiable for all purposes, shall bear such date or dates, shall be issued in such denominations and in such form, shall be serial bonds or term bonds, or both, shall mature at such times not exceeding 40 years from date of issue, shall bear such interest rate or rates, shall have such registration privileges, shall be executed in such manner, and shall be payable at such places and in such medium of payment as shall be specified by the board of trustees of the building authority in the proceedings authorizing the bonds.
     (3) The board of trustees of the building authority may provide for an option to redeem all or a part of the bonds issued prior to maturity upon terms established by it.
     (4) The bonds shall be sold at public or private sale upon the terms, in the manner and at such prices, either at, in excess of, or below their face value, as determined by the board of trustees of the building authority.
     (5) Bonds may be issued in one or more series.
     (6) Bonds may not mature over a longer period than the estimated useful life of the project to finance which the bonds are issued.
     (7) No person executing any bond or leasing contract under this part shall be subject to personal liability or accountability by reason of this.
     (8) Bonds shall be authorized, executed, and issued in accordance with this part and the articles of incorporation and the bylaws of the building authority.
     (9) No bonds may be issued by a building authority unless the issuance of the bonds and the terms of the bonds have been approved by the governing body of the public body.
     (10) (a) As used in this Subsection (10), "active voter" has the same meaning as defined in Section 20A-1-102.
     (b) Before issuing any bonds, the authority board shall give public notice of its intent to issue bonds.
     (c) If a written petition requesting an election and signed by at least 20% of the active registered voters in the public body is filed with the authority board within 30 calendar days after notice under Subsection (10)(b) is given, the board shall, if it intends to pursue issuance of the bonds, submit the question of whether or not to issue the bonds to the voters.
     (d) Each election under Subsection (10)(c) shall be held as provided in Title 11, Chapter 14, Local Government Bonding Act, for general obligation bonds of the public body that created the building authority.

Amended by Chapter 83, 2006 General Session