11-27-2 - Definitions.
11-27-2. Definitions.
As used in this chapter:
(1) "Advance refunding bonds" means refunding bonds issued for the purpose ofrefunding outstanding bonds in advance of their maturity.
(2) "Assessments" means a special tax levied against property within a specialimprovement district to pay all or a portion of the costs of making improvements in the district.
(3) "Bond" means any revenue bond, general obligation bond, tax increment bond,special improvement bond, local building authority bond, or refunding bond.
(4) "General obligation bond" means any bond, note, warrant, certificate of indebtedness,or other obligation of a public body payable in whole or in part from revenues derived from advalorem taxes and that constitutes an indebtedness within the meaning of any applicableconstitutional or statutory debt limitation.
(5) "Governing body" means the council, commission, county legislative body, board ofdirectors, board of trustees, board of education, board of regents, or other legislative body of apublic body designated in this chapter that is vested with the legislative powers of the publicbody, and, with respect to the state, the State Bonding Commission created by Section63B-1-201.
(6) "Government obligations" means:
(a) direct obligations of the United States of America, or other securities, the principal ofand interest on which are unconditionally guaranteed by the United States of America; or
(b) obligations of any state, territory, or possession of the United States, or of any of thepolitical subdivisions of any state, territory, or possession of the United States, or of the Districtof Columbia described in Section 103(a), Internal Revenue Code of 1986.
(7) "Issuer" means the public body issuing any bond or bonds.
(8) "Public body" means the state or any agency, authority, instrumentality, or institutionof the state, or any municipal or quasi-municipal corporation, political subdivision, agency,school district, local district, special service district, or other governmental entity now orhereafter existing under the laws of the state.
(9) "Refunding bonds" means bonds issued under the authority of this chapter for thepurpose of refunding outstanding bonds.
(10) "Resolution" means a resolution of the governing body of a public body takingformal action under this chapter.
(11) "Revenue bond" means any bond, note, warrant, certificate of indebtedness, or otherobligation for the payment of money issued by a public body or any predecessor of any publicbody and that is payable from designated revenues not derived from ad valorem taxes or from aspecial fund composed of revenues not derived from ad valorem taxes, but excluding all of thefollowing:
(a) any obligation constituting an indebtedness within the meaning of any applicableconstitutional or statutory debt limitation;
(b) any obligation issued in anticipation of the collection of taxes, where the entire issuematures not later than one year from the date of the issue; and
(c) any special improvement bond.
(12) "Special improvement bond" means any bond, note, warrant, certificate ofindebtedness, or other obligation of a public body or any predecessor of any public body that ispayable from assessments levied on benefitted property and from any special improvement
guaranty fund.
(13) "Special improvement guaranty fund" means any special improvement guarantyfund established under Title 10, Chapter 6, Uniform Fiscal Procedures Act for Utah Cities; Title11, Chapter 42, Assessment Area Act; or any predecessor or similar statute.
(14) "Tax increment bond" means any bond, note, warrant, certificate of indebtedness, orother obligation of a public body issued under authority of Title 17C, Limited Purpose LocalGovernment Entities - Community Development and Renewal Agencies Act.
Amended by Chapter 279, 2010 General Session