Fairpark District Bonds

Utah Code tit. 11, ch. 11-70, pt. 11-70-P6

in effect

Utah Code § 11-70-601 Resolution authorizing issuance of fairpark district bonds -- Characteristics of bonds -- Notice.

11-70-601. Resolution authorizing issuance of fairpark district bonds -- Characteristics of bonds -- Notice. (1) In issuing bonds under this part, the fairpark district shall comply with applicable requirements and provisions of Title 63C, Chapter 25, State Finance Review Commission. (2) (a) As provided in the fairpark district resolution authorizing the issuance of bonds under this part or the trust indenture under which the bonds are issued, bonds issued under this part may be issued in one or more series and may be sold at public or private sale and in the manner provided in the resolution or indenture. (b) Bonds issued under this part shall bear the date, be payable at the time, bear interest at the rate, be in the denomination and in the form, carry the conversion or registration privileges, have the rank or priority, be executed in the manner, be subject to the terms of redemption or tender, with or without premium, be payable in the medium of payment and at the place, and have other characteristics as provided in the fairpark district resolution authorizing their issuance or the trust indenture under which they are issued. (3) Upon the board's adoption of a resolution providing for the issuance of bonds, the board may provide for the publication of the resolution: (a) for the area within the fairpark district boundary, as a class A notice under Section 63G-30-102, for at least 30 days; and (b) as required in Section 45-1-101. (4) In lieu of publishing the entire resolution, the board may publish notice of bonds that contains the information described in Subsection 11-14-316(2). (5) For a period of 30 days after the publication, any person in interest may contest: (a) the legality of the resolution or proceeding; (b) any bonds that may be authorized by the resolution or proceeding; or (c) any provisions made for the security and payment of the bonds. (6) (a) A person may contest the matters set forth in Subsection (5) by filing a verified written complaint, within 30 days of the publication under Subsection (5), in the district court of the county in which the person resides. (b) A person may not contest the matters set forth in Subsection (5), or the regularity, formality, or legality of the resolution or proceeding, for any reason, after the 30-day period for contesting provided in Subsection (6)(a). (7) No later than 60 days after the closing day of any bonds, the fairpark district shall report the bonds issuance, including the amount of the bonds, terms, interest rate, and security, to: (a) the Executive Appropriations Committee; and (b) the State Finance Review Commission created in Section 63C-25-201. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-602 Sources from which bonds may be made payable -- Fairpark district powers regarding bonds.

11-70-602. Sources from which bonds may be made payable -- Fairpark district powers regarding bonds. (1) Subject to Subsection 11-70-207(2), the principal and interest on bonds issued by the fairpark district 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 fairpark district derives from or holds in connection with its undertaking and carrying out development of land within the fairpark district boundary; (d) enhanced property tax revenue; (e) fairpark district revenues generally; (f) a contribution, loan, grant, or other financial assistance from the federal government or a public entity in aid of the fairpark district; or (g) funds derived from any combination of the methods listed in Subsections (1)(a) through (f). (2) In connection with the issuance of fairpark district bonds, the fairpark district may: (a) as the board determines in the board's reasonable discretion, pledge all or any part of the fairpark district's gross or net rents, fees, or revenues to which the fairpark district's right then exists or may thereafter come into existence; (b) encumber by mortgage, deed of trust, or otherwise all or any part of the fairpark district's 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. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-603 Purchase of fairpark district bonds.

11-70-603. Purchase of fairpark district bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by the fairpark district under this part with funds owned or controlled by the purchaser. (2) Nothing in this section relieves a purchaser of fairpark district bonds of any duty to exercise reasonable care in selecting securities. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-604 Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability.

11-70-604. Those executing bonds not personally liable -- Limitation of obligations under bonds -- Negotiability. (1) A member of the board or other person executing a fairpark district bond is not liable personally on the bond. (2) (a) A bond issued by the fairpark district is not a general obligation or liability of the state or any of its political subdivisions and does not constitute a charge against their general credit or taxing powers. (b) A bond issued by the fairpark district is not payable out of any funds or properties other than those of the fairpark district. (c) The state and its political subdivisions are not and may not be held liable on a bond issued by the fairpark district. (d) A bond issued by the fairpark district does not constitute indebtedness within the meaning of any constitutional or statutory debt limitation. (3) A bond issued by the fairpark district under this part is fully negotiable. Enacted by Chapter 419, 2024 General Session

Utah Code § 11-70-605 Bonds exempt from taxes -- Fairpark district may purchase its own bonds.

11-70-605. Bonds exempt from taxes -- Fairpark district may purchase its own bonds. (1) A bond issued by the fairpark district under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes except the corporate franchise tax. (2) The fairpark district may purchase its own bonds at a price that its board determines. (3) Nothing in this section limits the right of an obligee to pursue a remedy for the enforcement of a pledge or lien given under this part by the fairpark district on its rents, fees, grants, properties, or revenues. Enacted by Chapter 419, 2024 General Session

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title11/Chapter70/11-70-P6.html?v=C11-70-P6_2024050120240501Fetched: 10/26/2026