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2020 Utah Code
Title 11 - Cities, Counties, and Local Taxing Units
Chapter 42a - Commercial Property Assessed Clean Energy Act
Part 4 - Energy Assessment Bonds and Refunding Assessment Bonds
Section 402 - Energy assessment bond not a local entity's general obligation -- Liability and responsibility of a local entity issuing an energy assessment bond -- No state liability.
Universal Citation: UT Code § 11-42a-402 (2020)
Effective 3/28/2017
11-42a-402. Energy assessment bond not a local entity's general obligation -- Liability and responsibility of a local entity issuing an energy assessment bond -- No state liability.
Enacted by Chapter 470, 2017 General Session
11-42a-402. Energy assessment bond not a local entity's general obligation -- Liability and responsibility of a local entity issuing an energy assessment bond -- No state liability.
- (1)
- (a) An energy assessment bond that a local entity issues under this chapter:
- (i) is a limited obligation of the local entity; and
- (ii) does not constitute nor give rise to:
- (A) a general obligation or liability of the local entity or the state; or
- (B) a charge against the general credit or taxing powers of the local entity or the state.
- (b) The local entity shall ensure that the limitation described in Subsection (1)(a) is plainly stated upon the face of the bond.
- (c) The assessments and the property upon which the energy assessment lien is recorded are the sole securities for an energy assessment bond.
- (a) An energy assessment bond that a local entity issues under this chapter:
- (2)
- (a) A local entity that issues an energy assessment bond is not liable and may not obligate itself for payment of the bond, except for a fund that the local entity creates and receives from assessments against which the bond is issued.
- (b) Unless otherwise provided in this chapter, a local entity that issues an energy assessment bond is responsible for:
- (i) the lawful levy of all assessments; and
- (ii) the faithful accounting, collection, settlement, and payment of assessments.
Enacted by Chapter 470, 2017 General Session
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