2006 Utah Code - 63-65-7 — Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of monies received by authorizing agencies.

     63-65-7.   Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of monies received by authorizing agencies.
     (1) With the approval of the relevant authorizing agency, the State Bonding Commission may pledge, assign, or otherwise transfer any agency bonds, any monies payable on or with respect to them, any legally available monies or other security administered by an authorizing agency, or any combination of bonds, monies, or other security to provide for the payment of revenue bonds issued under Section 63-65-8 and the payment of any amounts due under agreements and contracts described in Subsection 63-65-8(9).
     (2) (a) Before issuing revenue bonds under Section 63-65-8, the commission shall enter into a financing agreement with the appropriate authorizing agency or agencies.
     (b) This agreement shall specify:
     (i) any agency bonds, monies, or other security to be pledged by the commission to provide for the payment of the revenue bonds;
     (ii) the amount to be paid to the order of the authorizing agency or agencies for the agency bonds, monies, or other security; and
     (iii) other matters that the commission considers necessary or appropriate.
     (3) The amounts received by each authorizing agency from the proceeds of the revenue bonds, together with all amounts paid to the authorizing agencies pursuant to Subsection 63-65-8(10), shall be applied by the authorizing agency as authorized by the law creating or authorizing the loan or grant program of the authorizing agency.

Amended by Chapter 313, 2003 General Session