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Code · Utah · Title 63B — Bonds · Chapter 8

63B-8-408. Creation of sinking fund.

91 words·~1 min read·/ut/title-63b/chapter-8/63b-8-408

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63B-8-408. Creation of sinking fund.
(1)There is created a sinking fund, to be administered by the state treasurer, entitled the "1999 General Obligation Capital Project Bonds Sinking Fund."
(2)All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds.
(3)The proceeds of all taxes levied under this chapter are appropriated to this fund.
(4)The state treasurer may create separate accounts within the sinking fund for each series of bonds issued.
Amended by Chapter 327 , 2000 General Session
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