17C-1-502 - Sources from which bonds may be made payable -- Agency powers regarding bonds.
17C-1-502. Sources from which bonds may be made payable -- Agency powersregarding bonds.
(1) The principal and interest on bonds issued by an agency 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 werefinanced in whole or in part with the proceeds of the bonds;
(c) the income, proceeds, revenues, property, and funds of the agency derived from orheld in connection with its undertaking and carrying out urban renewal, economic development,or community development;
(d) tax increment funds;
(e) agency revenues generally;
(f) a contribution, loan, grant, or other financial assistance from the federal governmentor a public entity in aid of urban renewal, economic development, or community development;or
(g) funds derived from any combination of the methods listed in Subsections (1)(a)through (f).
(2) In connection with the issuance of agency bonds, an agency may:
(a) pledge all or any part of its gross or net rents, fees, or revenues to which its right thenexists or may thereafter come into existence;
(b) encumber by mortgage, deed of trust, or otherwise all or any part of its real orpersonal property, then owned or thereafter acquired; and
(c) make the covenants and take the action that may be necessary, convenient, ordesirable to secure its bonds, or, except as otherwise provided in this chapter, that will tend tomake the bonds more marketable, even though such covenants or actions are not specificallyenumerated in this chapter.
Renumbered and Amended by Chapter 359, 2006 General Session