10-7-9 - Sale of bonds -- Amount -- Tax levy to pay interest -- Utility rates -- Sinking fund -- Serial or term bonds. - Utah Statutes

10-7-9. Sale of bonds -- Amount -- Tax levy to pay interest -- Utility rates -- Sinkingfund -- Serial or term bonds.
The board of commissioners, city council or board of trustees as the case may be shallprovide by ordinance for the issuance and disposal of such bonds; provided, that no such bondsshall be sold for less than their face value. The board of commissioners, city council or board oftrustees shall annually levy on all taxable property within the boundaries of the issuer a sufficienttax to pay the interest on such indebtedness as it falls due, and also to constitute a sinking fundfor the payment of the principal thereof within the time for which such bonds are issued whichlevy shall be made without regard to any statutory limitation on the taxing power of such issuerwhich may now exist or, unless an express contrary provision appears in the statute, which mayhereafter be enacted by the legislature; provided, that whenever bonds shall have been issued forthe purpose of supplying any city or town with artificial light, water or other public utility therates or charges for the service of the system or plant so constructed may be made sufficient tomeet such payments, in addition to operating and maintenance expenses, and taxes shall belevied to meet any deficiencies. Water or sewer bonds may be issued for a period not exceeding40 years; other bonds may be issued for a period not exceeding 20 years. Such bonds may beeither serial or term bonds.

Amended by Chapter 2, 1953 Special Session 1