11-68-502. Sources from which bonds may be made payable -- Authority powers regarding bonds.

298 words·~1 min read·/ut/title-11/chapter-68/11-68-502

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

Effective 5/1/2024

(1)The principal and interest on bonds issued by the authority may be made payable from:

(a)the income and revenues of the development projects financed with the proceeds of the bonds;

(b)the income and revenues of certain designated development projects whether or not they were financed in whole or in part with the proceeds of the bonds;

(c)the income, revenues, proceeds, and funds the authority derives from or holds in connection with the authority undertaking and carrying out development;

(d)revenue from a special event tax under Title 59, Chapter 12, Part 23, Fair Park Special Event Tax;

(e)authority revenues generally;

(f)a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the development; or

(g)funds derived from any combination of the sources listed in Subsections (1)(a) through (g).

(a)In connection with the issuance of authority bonds, the authority may:

(i)pledge all or any part of the authority's gross or net rents, fees, or revenues to which the authority's right then exists or may thereafter come into existence; and

(ii)make the covenants and take the action that may be necessary, convenient, or desirable to secure the authority's bonds, or, except as otherwise provided in this chapter, that will tend to make the bonds more marketable, even though such covenants or actions are not specifically enumerated in this chapter.

(b)The authority may not use all or any portion of the fair park land as collateral for any bonds or encumber the fair park land by mortgage, deed of trust, or otherwise as collateral for any bonds.

Amended by Chapter 419 , 2024 General Session