17D-2-504. Local building authority bonds payable solely from lease payments.
97 words·~1 min read·
/ut/title-17d/chapter-2/17d-2-504A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17D-2-504. Local building authority bonds payable solely from lease payments.
(1)Except to the extent that they are secured as provided in Section 17D-2-505 , bonds issued by a local building authority and interest on the bonds are payable solely from payments received under a lease agreement with the creating local entity with respect to the project that was financed with the bond proceeds.
(2)Each bond issued by a local building authority shall recite on its face that the bond is payable as provided in Subsection
(1).
Enacted by Chapter 360 , 2008 General Session