11-70-602. Sources from which bonds may be made payable -- Fairpark district powers regarding bonds.

298 words·~1 min read·/ut/title-11/chapter-70/11-70-602

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

Effective 5/1/2024

(1)Subject to Subsection 11-70-207 (2), the principal and interest on bonds issued by the fairpark district may be made payable from:

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

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

(c)the income, proceeds, revenues, property, and funds the fairpark district derives from or holds in connection with its undertaking and carrying out development of land within the fairpark district boundary;

(d)enhanced property tax revenue;

(e)fairpark district revenues generally;

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

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

(2)In connection with the issuance of fairpark district bonds, the fairpark district may:

(a)as the board determines in the board's reasonable discretion, pledge all or any part of the fairpark district's gross or net rents, fees, or revenues to which the fairpark district's right then exists or may thereafter come into existence;

(b)encumber by mortgage, deed of trust, or otherwise all or any part of the fairpark district's real or personal property, then owned or thereafter acquired; and

(c)make the covenants and take the action that may be necessary, convenient, or desirable to secure its 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.

Enacted by Chapter 419 , 2024 General Session