73-1-17 - Borrowing from federal government authorized. - Utah Statutes

73-1-17. Borrowing from federal government authorized.
That irrigation companies, drainage districts, and irrigation districts heretofore organizedunder the laws of the state of Utah be and they are hereby authorized and empowered to borrowmoney from the Reconstruction Finance Corporation, organized pursuant to an Act of Congressof the United States, or from any other governmental loaning agency or agencies to aid them inrefunding or refinancing their obligations outstanding on the date of enactment by the Congress ofthe United States of the Emergency Relief and Construction Act of 1932 through the purchaseand retirement of such obligations at a discount, or otherwise, if such obligations were issued inconnection with irrigation and/or drainage projects of such companies and/or districts,respectively, which are self-liquidating in character, or where the loan can be repaid by theapplicant for such loan by assessment on the issued and outstanding capital stock of the irrigationcompany, or by assessment on the land or lands within the exterior boundaries of the drainagedistrict, or by assessments on the lands and/or water allotted to lands within the exteriorboundaries of the irrigation district.

No Change Since 1953