11-58-701. Resolution authorizing issuance of port authority bonds -- Characteristics of bonds -- Notice.

495 words·~2 min read·/ut/title-11/chapter-58/11-58-701

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/3/2023

(1)The authority may not issue bonds under this part unless the board first:

(a)adopts a parameters resolution for the bonds that sets forth:

(i)the maximum:

(A)amount of bonds;

(B)term; and

(C)interest rate; and

(ii)the expected security for the bonds; and

(b)submits the parameters resolution for review and recommendation to the State Finance Review Commission created in Section 63C-25-201 .

(a)As provided in the authority resolution authorizing the issuance of bonds under this part or the trust indenture under which the bonds are issued, bonds issued under this part may be issued in one or more series and may be sold at public or private sale and in the manner provided in the resolution or indenture.

(b)Bonds issued under this part shall bear the date, be payable at the time, bear interest at the rate, be in the denomination and in the form, carry the conversion or registration privileges, have the rank or priority, be executed in the manner, be subject to the terms of redemption or tender, with or without premium, be payable in the medium of payment and at the place, and have other characteristics as provided in the authority resolution authorizing their issuance or the trust indenture under which they are issued.

(3)Upon the board's adoption of a resolution providing for the issuance of bonds, the board may provide for the publication of the resolution:

(a)for the area within the authority's boundaries, as a class A notice under Section 63G-30-102 , for at least 30 days; and

(b)as required in Section 45-1-101 .

(4)In lieu of publishing the entire resolution, the board may publish notice of bonds that contains the information described in Subsection 11-14-316(2) .

(5)For a period of 30 days after the publication, any person in interest may contest:

(a)the legality of the resolution or proceeding;

(b)any bonds that may be authorized by the resolution or proceeding; or

(c)any provisions made for the security and payment of the bonds.

(a)A person may contest the matters set forth in Subsection

(5)by filing a verified written complaint, within 30 days of the publication under Subsection

(5), in the district court of the county in which the person resides.

(b)A person may not contest the matters set forth in Subsection

(5), or the regularity, formality, or legality of the resolution or proceeding, for any reason, after the 30-day period for contesting provided in Subsection (6)(a) .

(7)No later than 60 days after the closing day of any bonds, the authority shall report the bonds issuance, including the amount of the bonds, terms, interest rate, and security, to:

(a)the Executive Appropriations Committee; and

(b)the State Finance Review Commission created in Section 63C-25-201 .

Amended by Chapter 435 , 2023 General Session