63B-1a-501 - Publication of resolution or notice -- Limitation on actions to contest legality.
63B-1a-501. Publication of resolution or notice -- Limitation on actions to contestlegality.
(1) The commission may either:
(a) (i) publish once in a newspaper having general circulation in Utah any resolutionadopted by the commission; and
(ii) publish, in accordance with Section 45-1-101, any resolution adopted by thecommission; or
(b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued,titled as such, containing:
(i) the purpose of the bond issue;
(ii) the type of bonds and the maximum principal amount that may be issued;
(iii) the maximum number of years over which the bonds may mature;
(iv) the maximum interest rate that the bonds may bear, if any;
(v) the maximum discount from par, expressed as a percentage of principal amount, atwhich the bonds may be sold; and
(vi) that a copy of the resolution or other proceedings may be examined at the office ofthe state treasurer during regular business hours for at least 30 days after the publication of thenotice.
(2) For 30 days after the date of publication, any interested person may contest:
(a) the legality of the resolution;
(b) any of the bonds authorized under it; or
(c) any of the provisions made for the repayment of the bonds.
(3) After 30 days, a person may not, for any cause, contest:
(a) the legality of the resolution;
(b) any of the bonds authorized under the resolution; or
(c) any of the provisions made for the security and repayment of the bonds.
Amended by Chapter 388, 2009 General Session