63B-1a-501. Publication of resolution or notice -- Limitation on actions to contest legality.

264 words·~1 min read·/ut/title-63b/chapter-1a/63b-1a-501

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

(1)The commission may either:

(i)publish once in a newspaper having general circulation in Utah any resolution adopted by the commission; and

(ii)publish, in accordance with Section 45-1-101 , any resolution adopted by the commission; or

(b)in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled as such, containing:

(i)the purpose of the bond issue;

(ii)the type of bonds and the maximum principal amount that may be issued;

(iii)the maximum number of years over which the bonds may mature;

(iv)the maximum interest rate that the bonds may bear, if any;

(v)the maximum discount from par, expressed as a percentage of principal amount, at which the bonds may be sold; and

(vi)that a copy of the resolution or other proceedings may be examined at the office of the state treasurer during regular business hours for at least 30 days after the publication of the notice.

(2)For 30 days after the date of publication, any interested person may contest:

(a)the legality of the resolution;

(b)any of the bonds authorized under it; or

(c)any of the provisions made for the repayment of the bonds.

(3)After 30 days, a person may not, for any cause, contest:

(a)the legality of the resolution;

(b)any of the bonds authorized under the resolution; or

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

Amended by Chapter 388 , 2009 General Session