63B-8-301. Definitions.

225 words·~1 min read·/ut/title-63b/chapter-8/63b-8-301

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

As used in this part:

(1)"Bond anticipation note" means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 2, 1999 Highway General Obligation Bond Authorization .

(2)"Flexible note" means a bond anticipation note whose interest is payable at maturity, and may be payable on one or more dates before maturity.

(a)"Short-term series note" means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:

(i)each note will be paid from the proceeds of one or more renewal notes of that series; and

(ii)the final note or notes of the series will be paid from:

(A)the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or

(B)money of the state on hand and legally available for that purpose.

(b)"Short-term series note" includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.

Enacted by Chapter 331 , 1999 General Session