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[Utah Code Table of Contents]
[TITLE 11. Table of Contents]
11-34-1 Definitions.
As used in this chapter:
(1) "Bonds" means any evidence or contract of indebtedness that is issued or authorized by a public body, including, without limitation, bonds, refunding bonds, advance refunding bonds, bond anticipation notes, tax anticipation notes, notes, certificates of indebtedness, warrants, commercial paper, contracts, and leases, whether they are general obligations of the issuing public body or are payable solely from a specified source, including, but not limited to, annual appropriations by the public body.
(2) "Public body" means the state and any public department,
public agency, or other public entity existing under the
laws of the state, including, without limitation, any agency,
authority, instrumentality, or institution of the state,
and any county, city, town, municipal corporation, quasi-municipal
corporation, state university or college, school district,
special service district or other special district, improvement
district, water conservancy district, metropolitan water
district, drainage district, irrigation district, fire protection
district, separate legal or administrative entity created
under the Interlocal Cooperation Act or other joint agreement
entity, redevelopment agency, and any other political subdivision,
public authority, public agency, or public trust existing
under the laws of this state.
1987
11-34-2 Bonds issued in foreign denominations - Required conditions and agreements.
Any bonds issued by a public body may be denominated in
a foreign currency, but only if, at the time of the issuance
of the bonds, the public body which issues them enters into
one or more foreign exchange agreements, forward exchange
agreements, foreign currency exchange agreements, or other
similar agreements with a bank or other financial institution,
foreign or domestic, the senior unsecured long-term debt
obligations of which are rated in one of the highest two
rating categories by Moody's Investors Service, Inc. or Standard
& Poor's Corporation or another similar nationally recognized
securities rating agency, to protect the public body against
the risk of a decline in the value of the United States dollar
in relation to the foreign currency in which the bonds are
denominated. Such agreements must protect against such risk
of a decline in the value of the United States dollar with
respect to the interest on the bonds and the principal of
the bonds to the maturity or redemption thereof. The costs
of such agreements, including without limitation periodic
fees and other amounts due to the other party or parties
to such agreements, may be paid by the public body from the
proceeds of the bonds and other revenues of the public body.
1987
