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[Utah Code Table of Contents]
[TITLE 17. Table of Contents]
17-12-1 Authority and applicable procedure for issuance of bonds - Application of proceeds - Debt limit.
Except as otherwise provided under Section
17-50-303
, the county legislative body may contract a
bonded indebtedness in the manner and subject to the conditions
provided under Title 11, Chapter 14, Utah Municipal Bond
Act. The revenue derived from the sale of bonds shall be
applied only to the purpose or purposes specified in the
order of the county legislative body. If there is any surplus,
it shall be applied to the payment of the bonds. In no event
may any county become so indebted to an amount, including
existing indebtedness, exceeding 2% of the fair market value,
as defined under Section
59-2-102
, of the taxable property in the county as computed
from the last equalized assessment roll for county purposes
prior to the incurring of the indebtedness.
2000
17-12-2 Bond elections - Consolidating voting districts and precincts - Voting places.
The county legislative body may in any bond election consolidate
voting districts and precincts and may select for the purposes
of such election any voting places which it considers desirable,
without regard to regularly established voting precincts
and the voting places therefor.
1993
17-12-3 Additional purposes for which bonds may be issued - Joint ownership of facilities authorized.
In addition to other purposes for which bonds may be issued,
bonds may be issued for the purpose of acquiring, improving
or extending systems for the collection, retention and disposition
of storm and flood waters, for the acquisition, improvement
or extension of public libraries, including equipment, furnishings
and books therefor, acquiring or improving facilities for
the collection, disposal or incineration of garbage and trash,
acquiring, improving, extending, furnishing and equipping
auditoriums, sports arenas, stadiums, convention centers
and all properties and facilities ordinarily forming part
of a so-called convention complex, or any part thereof and
for acquiring, improving, extending, furnishing or equipping
any improvement or facility which the county is authorized
by law to own. Bonds may be issued for the county's share
of any such facility to be owned jointly with any municipality
or taxing district in the county and such joint ownership
is expressly authorized.
1963
17-12-4 Bond issue for auditoriums, etc., and "convention complex" facilities - Required - Board of directors - Use of revenues from facilities - Purpose of act - Rights of bondholders.
Any county legislative body adopting proceedings authorizing the issuance of county bonds for the purpose of acquiring, improving, extending, furnishing, and equipping auditoriums, sports arenas, stadiums, convention centers, and all properties and facilities ordinarily forming part of a so-called "convention complex," or for any part or combination of the foregoing, shall in the proceedings authorizing such bonds:
(1) Provide for the creation of a board of directors which, so long as any of the bonds remain outstanding either in original or refunded form, shall have complete management and control of the facilities acquired with the proceeds of the bonds. Such board shall have the number of members, possessing such qualifications and selected for such terms, and shall operate pursuant to such rules and regulations as may be provided in such proceedings. The members of such board shall serve without compensation except for reimbursement of expenses actually incurred in the performance of their duties. After the appointment and organization of any board of directors, all vacancies thereafter occurring, whether by expiration of term or otherwise, shall be filled by majority vote of the remaining members of the board. Subject to the provisions of such proceedings, the members of the board of directors shall have the powers and duties ordinarily enjoyed by the directors of a private corporation operating similar facilities.
(2) Provide that all revenues of every nature derived from the operation of the facilities so acquired with bond proceeds and not expended in the reasonable and proper costs of maintaining and operating the facilities, including the making of necessary repairs and replacements, be pledged to and utilized for the payment of principal of and interest on the bonds and, if so provided, the creation of a reserve for such purpose.
This act is adopted for the purpose of eliminating or
reducing so far as possible the ad valorem taxes necessary
to be levied for the payment of such bonds and for the purpose
of improving the security of such bonds, and accordingly
the holders of the bonds from time to time shall have a vested
and enforceable contract right in the provisions of this
act and in the provisions of the bond proceedings adopted
pursuant hereto.
1993
