63B-11-211 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds. - Utah Statutes

63B-11-211. Bond proceeds -- Deposits -- Investment -- Disposition of investmentincome and unexpended proceeds.
(1) (a) Proceeds from the sale of bonds issued under this chapter shall be deposited withinone or more accounts as determined by resolution of the commission.
(b) The state treasurer shall administer and maintain these accounts unless otherwiseprovided by the commission by resolution.
(c) The commission by resolution may provide for the deposit of these monies with atrustee and the administration, disposition, or investment of these monies by this trustee.
(2) (a) The commission by resolution shall provide for the kinds of investments in whichthe proceeds of bonds issued under this chapter may be invested.
(b) Income from the investment of proceeds of bonds issued under this chapter shall beapplied as provided by resolution of the commission.
(3) Any unexpended bond proceeds issued under this chapter shall be deposited, uponcompletion of the purposes for which the bonds were issued, in the sinking fund, unless otherwiseprovided in the resolution of the commission authorizing the issuance of bonds under this chapter.

Enacted by Chapter 252, 2002 General Session