10-2-420 - Bonds not affected by boundary adjustments or annexations -- Payment of property taxes.
10-2-420. Bonds not affected by boundary adjustments or annexations -- Paymentof property taxes.
(1) A boundary adjustment or annexation under this part may not jeopardize or endangerany general obligation or revenue bond.
(2) A bondholder may require the payment of property taxes from any area that:
(a) was included in the taxable value of the municipality or other governmental entityissuing the bond at the time the bond was issued; and
(b) is no longer within the boundaries of the municipality or other governmental entityissuing the bond due to the boundary adjustment or annexation.
Repealed and Re-enacted by Chapter 389, 1997 General Session