A local entity may, by a resolution adopted by the governing body, authorize the issuance of a refunding assessment bond as provided in this section, to repay prior bonds in whole or in part, whether at or before the maturity of the prior bonds, at stated maturity, upon redemption, or upon declaration of maturity.
In issuing a refunding assessment bond, the local entity shall require the refunding assessment bond and interest on the bond to be payable from and secured, to the extent the prior bonds were payable from and secured, by:
(a)
the same assessments; or
(b)
the reduced assessments adopted by the governing body under Section 11-42a-404.
(4)
A refunding assessment bond:
(a)
is payable solely from the sources described in Subsection (3);
(b)
matures no later than one year after the date of final maturity of the prior bonds;
(c)
does not mature at a time or bear interest at a rate that will cause the local entity to be unable to pay the bond when due from the sources listed in Subsection (3);
(d)
bears interest as the governing body determines and subject to the provisions relating to interest in Section 11-42a-401; and
(e)
pays one or more issues of the issuing local entity's prior bonds.
(5)
If the bond refunds two or more issues of a local entity's prior bonds, the local entity may issue the bond in one or more series.
Section 42a-403 ("Refunding assessment bonds.") 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 § 42a-403?
A common citation format is "Utah Code § 42a-403" (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 § 42a-403 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.
