11-14-315 - Nature and validity of bonds issued -- Applicability of other statutory provisions -- Budget provision required -- Applicable procedures for issuance.
11-14-315. Nature and validity of bonds issued -- Applicability of other statutoryprovisions -- Budget provision required -- Applicable procedures for issuance.
Bonds issued under this chapter shall have all the qualities of negotiable paper, shall beincontestable in the hands of bona fide purchasers or holders for value and are not invalid for anyirregularity or defect in the proceedings for their issuance and sale. This chapter is intended toafford an alternative method for the issuance of bonds by local political subdivisions and may notbe so construed as to deprive any local political subdivision of the right to issue its bonds underauthority of any other statute, but nevertheless this chapter shall constitute full authority for theissue and sale of bonds by local political subdivisions. The provisions of Section 11-1-1, UtahCode Annotated 1953, are not applicable to bonds issued under this chapter. Any local politicalsubdivision subject to the provisions of any budget law shall in its annual budget make properprovision for the payment of principal and interest currently falling due on bonds issuedhereunder, but no provision need be made in any such budget prior to the issuance of the bondsfor the issuance thereof or for the expenditure of the proceeds thereof. No ordinance, resolutionor proceeding in respect to the issuance of bonds hereunder shall be necessary except as hereinspecifically required, nor shall the publication of any resolution, proceeding or notice relating tothe issuance of the bonds be necessary except as herein required. Any publication madehereunder may be made in any newspaper conforming to the terms hereof in which legal noticesmay be published under the laws of Utah, without regard to the designation thereof as the officialjournal or newspaper of the local political subdivision, and as required in Section 45-1-101. Noresolution adopted or proceeding taken hereunder shall be subject to referendum petition or to anelection other than as herein required. All proceedings adopted hereunder may be adopted on asingle reading at any legally convened meeting of the governing body.
Amended by Chapter 378, 2010 General Session