Utah Code Title 17B. Limited Purpose Local Government Entities--Local Districts § 17B-1-1103. Levy to pay for general obligation bonds

(i) pay the principal of and interest on the general obligation bonds;

(ii) establish a sinking fund for defaults and future debt service on the general obligation bonds;  and

(iii) establish a reserve to secure payment of the general obligation bonds.

(i) for a water conservancy district, subject to the limit stated in Section 17B-2a-1006;  and

(ii) for each other local district, without limitation as to rate or amount.

(i) levy the tax as a separate and special levy for the specific purposes stated in Subsection (1);  and

(ii) apply the proceeds from the levy solely for the purpose of paying the principal of and interest on the general obligation bonds, even though the proceeds may be used to establish or replenish a sinking fund under Subsection (1)(a)(ii) or a reserve under Subsection (1)(a)(iii).