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 2, 1998 Highway General Obligation Bond Authorization. (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.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.