15-7-3 - Purpose. - Utah Statutes

15-7-3. Purpose.
(1) The Code provides that interest with respect to certain obligations may not be exemptfrom federal income taxation unless they are in registered form. It is therefore a matter of stateconcern that public entities be authorized to provide for the issuance of obligations in registeredform. It is a purpose of this act to empower all public entities to establish and maintain a systemwhich permits obligations to be issued in registered form within the meaning of the applicableCode provisions.
(2) It is further a purpose of this act to empower the establishment and maintenance ofdiffering systems of registration of obligations, including system incidents, so as to accommodatethe differing impacts upon issuers and varieties of obligations. It is further a purpose of this act toauthorize systems that will facilitate the prompt and accurate transfer of registered publicobligations and developing practices with regard to the registration and transfer of registeredpublic obligations.

Enacted by Chapter 62, 1983 General Session