63B-1b-401 - Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of money received by authorizing agencies.
63B-1b-401. Pledge of agency bonds to pay revenue bonds -- Contents of financingagreements -- Use of money received by authorizing agencies.
(1) With the approval of the relevant authorizing agency, the State Bonding Commissionmay pledge, assign, or otherwise transfer any agency bonds, any money payable on or withrespect to them, any legally available money or other security administered by an authorizingagency, or any combination of bonds, money, or other security to provide for the payment ofrevenue bonds issued under Section 63B-1b-402 and the payment of any amounts due underagreements and contracts described in Subsection 63B-1b-402(9).
(2) (a) Before issuing revenue bonds under Section 63B-1b-402, the commission shallenter into a financing agreement with the appropriate authorizing agency or agencies.
(b) This agreement shall specify:
(i) any agency bonds, money, or other security to be pledged by the commission toprovide for the payment of the revenue bonds;
(ii) the amount to be paid to the order of the authorizing agency or agencies for theagency bonds, money, or other security; and
(iii) other matters that the commission considers necessary or appropriate.
(3) The amounts received by each authorizing agency from the proceeds of the revenuebonds, together with all amounts paid to the authorizing agencies pursuant to Subsection63B-1b-402(10), shall be applied by the authorizing agency as authorized by the law creating orauthorizing the loan or grant program of the authorizing agency.
Renumbered and Amended by Chapter 382, 2008 General Session