Utah Code Title 63B. Bonds § 63B-4-105. Terms and conditions of sale--Plan of financing--Signatures--Replacement--Registration--Federal rebate
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(1) In the issuance of bonds, the commission may determine by resolution:
(a) the manner of sale, including public or private sale;
(b) the terms and conditions of sale, including price, whether at, below, or above face value;
(e) manner of execution;
(f) manner of authentication;
(g) place and medium of purchase;
(h) redemption terms; and
(i) other provisions and details it considers appropriate.
(2) The commission may by resolution adopt a plan of financing, which may include terms and conditions of arrangements entered into by the commission on behalf of the state with financial and other institutions for letters of credit, standby letters of credit, reimbursement agreements, and remarketing, indexing, and tender agent agreements to secure the bonds, including payment from any legally available source of fees, charges, or other amounts coming due under the agreements entered into by the commission.
(3)(a) Any signature of a public official authorized by resolution of the commission to sign the bonds may be a facsimile signature of that official imprinted, engraved, stamped, or otherwise placed on the bonds.
(b) If all signatures of public officials on the bonds are facsimile signatures, provision shall be made for a manual authenticating signature on the bonds by or on behalf of a designated authentication agent.
(c) If an official ceases to hold office before delivery of the bonds signed by that official, the signature or facsimile signature of the official is nevertheless valid for all purposes.
(d) A facsimile of the state seal may be imprinted, engraved, stamped, or otherwise placed on the bonds.
(4)(a) The commission may enact resolutions providing for the replacement of lost, destroyed, or mutilated bonds, or for the exchange of bonds after issuance for bonds of smaller or larger denominations.
(b) Bonds in changed denominations shall:
(i) be exchanged for the original bonds in like aggregate principal amounts and in a manner that prevents the duplication of interest; and
(ii) bear interest at the same rate, mature on the same date, and be as nearly as practicable in the form of the original bonds.
(5)(a) Bonds may be registered as to both principal and interest or may be in a book entry form under which the right to principal and interest may be transferred only through a book entry.
(b) The commission may provide for the services and payment for the services of one or more financial institutions or other entities or persons, or nominees, within or outside the state, for the authentication, registration, transfer, including record, bookkeeping, or book entry functions, exchange, and payment of the bonds.
(c) The records of ownership, registration, transfer, and exchange of the bonds, and of persons to whom payment with respect to the obligations is made, are private records as provided in Section 63G-2-302 or protected records as provided in Section 63G-2-305.
(d) The bonds and any evidences of participation interest in the bonds may be issued, executed, authenticated, registered, transferred, exchanged, and otherwise made to comply with Title 15, Chapter 7, Registered Public Obligations Act, or any other act of the Legislature relating to the registration of obligations enacted to meet the requirements of Section 149 of the Internal Revenue Code of 1986, as amended, 1 or any successor to it, and applicable regulations.
(6) The commission may:
(a) by resolution, provide for payment to the United States of whatever amounts are necessary to comply with Section 148(f) of the Internal Revenue Code of 1986, as amended; 2 and
(b) enter into agreements with financial and other institutions and attorneys to provide for:
(i) the calculation, holding, and payment of those amounts; and
(ii) payment from any legally available source of fees, charges, or other amounts coming due under any agreements entered into by the commission.
Cite this article: FindLaw.com - Utah Code Title 63B. Bonds § 63B-4-105. Terms and conditions of sale--Plan of financing--Signatures--Replacement--Registration--Federal rebate - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-63b-bonds/ut-code-sect-63b-4-105/
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