11-27-4 - Publication of resolution -- Notice of bond issue -- Contest of resolution or proceeding. - Utah Statutes

11-27-4. Publication of resolution -- Notice of bond issue -- Contest of resolution orproceeding.
(1) The governing body of any public body may provide for the publication of anyresolution or other proceeding adopted by it under this chapter:
(a) in a newspaper having general circulation in the public body; and
(b) as required in Section 45-1-101.
(2) In case of a resolution or other proceeding providing for the issuance of refundingbonds (or for a combined issue of refunding bonds and bonds issued for any other purpose), thegoverning body may, instead of publishing the entire resolution or other proceeding, publish anotice of bonds to be issued, entitled accordingly, and containing:
(a) the name of the issuer;
(b) the purposes of the issue;
(c) the maximum principal amount which may be issued;
(d) the maximum number of years over which the bonds may mature;
(e) the maximum interest rate which the bonds may bear;
(f) the maximum discount from par, expressed as a percentage of principal amount, atwhich the bonds may be sold, and any deposit to be required in connection with the sale; and
(g) the times and place where a copy of the resolution or other proceeding authorizing theissuance of the bonds may be examined, which shall be at an office of the governing bodyidentified in the notice, during regular business hours of the governing body as described in thenotice and for a period of at least 30 days after the publication of the notice.
(3) For a period of 30 days after the publication, any person in interest shall have theright to contest the legality of the resolution or proceeding or any bonds which may be soauthorized or any provisions made for the security and payment of these bonds; and after thistime no person shall have any cause of action to contest the regularity, formality, or legalitythereof for any cause.

Amended by Chapter 388, 2009 General Session