17D-2-504 - Local building authority bonds payable solely from lease payments.
17D-2-504. Local building authority bonds payable solely from lease payments.
(1) Except to the extent that they are secured as provided in Section 17D-2-505, bondsissued by a local building authority and interest on the bonds are payable solely from paymentsreceived under a lease agreement with the creating local entity with respect to the project thatwas financed with the bond proceeds.
(2) Each bond issued by a local building authority shall recite on its face that the bond ispayable as provided in Subsection (1).
Enacted by Chapter 360, 2008 General Session