63H-1-602. Sources from which bonds may be made payable -- Authority powers regarding bonds.

272 words·~1 min read·/ut/title-63h/chapter-1/63h-1-602

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

Effective 3/30/2015

(1)The principal and interest on bonds issued by the authority 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 authority derives from or holds in connection with its undertaking and carrying out development of a project area;

(d)property tax allocation funds;

(e)authority revenues generally;

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

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

(f).

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

(a)pledge all or any part of its gross or net rents, fees, or revenues to which its right then exists or may thereafter come into existence;

(b)encumber by mortgage, deed of trust, or otherwise all or any part of its 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.

Amended by Chapter 377 , 2015 General Session