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Utah Code Title 63B. Bonds § 63B-10-201. Definitions

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in this part:

(1) “Bond anticipation note” means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 1, 2001 Highway General Obligation Bonds.

(2) “Flexible note” means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity.

(3)(a) “Short-term series note” means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:

(i) each note will be paid from the proceeds of one or more renewal notes of that series; and

(ii) the final note or notes of the series will be paid from:

(A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or

(B) money of the state on hand and legally available for that purpose.

(b) “Short-term series note” includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.

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Cite this article: FindLaw.com - Utah Code Title 63B. Bonds § 63B-10-201. Definitions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63b-bonds/ut-code-sect-63b-10-201/

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