Full text of Utah Utah Code § 11-42-602 — Bond anticipation notes., with citation guidance and answers to common questions.
§ 11-42-602. Bond anticipation notes.
11-42-602.
Bond anticipation notes.
(1)
A local entity may by resolution authorize the issuance of bond anticipation notes.
(2)
A local entity may use the proceeds from the issuance of bond anticipation notes to pay:
(a)
the estimated acquisition and contract price;
(b)
the property price;
(c)
capitalized interest; and
(d)
related costs, including overhead costs.
(3)
Each resolution authorizing the issuance of bond anticipation notes shall:
(a)
describe the bonds in anticipation of which the bond anticipation notes are to be issued;
(b)
specify the principal amount and maturity dates of the notes; and
(c)
specify the interest rate applicable to the notes.
(4)
(a)
The interest rate on bond anticipation notes issued under this section may be fixed, variable, or a combination of fixed and variable, as determined by the governing body.
(b)
If bond anticipation notes carry a variable interest rate, the governing body shall specify the basis upon which the rate is to be determined, the manner in which the rate is to be adjusted, and a maximum interest rate.
(c)
A local entity may provide for interest on bond anticipation notes to be paid semiannually, annually, or at maturity.
(5)
A local entity may:
(a)
issue and sell bond anticipation notes in a manner and at a price, either at, below, or above face value, as the governing body determines by resolution; and
(b)
make bond anticipation notes redeemable prior to maturity, at the governing body's option and in the manner and upon the terms fixed by the resolution authorizing their issuance.
(6)
Bond anticipation notes shall be executed, be in a form, and have details and terms as provided in the resolution authorizing their issuance.
(7)
A local entity may issue bond anticipation notes to refund bond anticipation notes previously issued by the local entity.
(8)
A local entity may include interest accruing on bond anticipation notes in the cost of improvements in an assessment area.
Section 11-42-602 ("Bond anticipation notes.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 11-42-602?
A common citation format is "Utah Code § 11-42-602" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 11-42-602 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
