7-13-2331. Issuance of general obligation bonds.
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/mt/title-7/chapter-13/part-23/7-13-2331·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
7-13-2331 . Issuance of general obligation bonds.
(1)In addition to the powers granted to a district in this part to finance facilities and improvements, a district may issue general obligation bonds for a term of up to 40 years to:
(a)provide funds to pay part or all of the cost of acquisition, construction, or improvement of facilities; or
(b)refund any bonds issued for the acquisition, construction, or improvement of facilities.
(2)General obligation bonds issued pursuant to this section must be authorized, sold, and issued, with provisions for their payment, in the manner and subject to the conditions prescribed for bonds of school districts in Title 20, chapter 9, part 4, except to the extent that those conditions conflict with the express provisions of part 22 or this part.
(3)Nothing in this section prohibits a district from imposing rates or other charges for the use of facilities that have been financed in whole or part by general obligation bonds under this section if the revenue from the rates or charges is used to abate taxes that have been levied to pay the principal or interest on the general obligation bonds or is used to pay the principal or interest on other bonded indebtedness of the district.