(1) (a) Any local school board may request that the state treasurer issue a certificate evidencing eligibility for the state's guaranty under this part. (b) After reviewing the request, if the state treasurer determines that the local school board is eligible, the state treasurer shall promptly issue the certificate and provide it to the requesting local school board. (c) (i) The local school board receiving the certificate and all other persons may rely on the certificate as evidencing eligibility for the guaranty for one year from and after the date of the certificate, without making further inquiry of the state treasurer during that year. (ii) The certificate of eligibility is valid for one year even if the state treasurer later determines that the local school board is ineligible.
(a) Any local school board may request that the state treasurer issue a certificate evidencing eligibility for the state's guaranty under this part.
(b) After reviewing the request, if the state treasurer determines that the local school board is eligible, the state treasurer shall promptly issue the certificate and provide it to the requesting local school board.
(c) (i) The local school board receiving the certificate and all other persons may rely on the certificate as evidencing eligibility for the guaranty for one year from and after the date of the certificate, without making further inquiry of the state treasurer during that year. (ii) The certificate of eligibility is valid for one year even if the state treasurer later determines that the local school board is ineligible.
(i) The local school board receiving the certificate and all other persons may rely on the certificate as evidencing eligibility for the guaranty for one year from and after the date of the certificate, without making further inquiry of the state treasurer during that year.
(ii) The certificate of eligibility is valid for one year even if the state treasurer later determines that the local school board is ineligible.
(2) Any local school board that chooses to forego the benefits of the guaranty provided by this part for a particular issue of bonds may do so by not referring to this part on the face of its bonds.
(3) Any local school board that has bonds, the principal of or interest on which has been paid, in whole or in part, by the state under this part may not issue any additional bonds guaranteed by this act until: (a) all payment obligations of the local school board to the state under the default avoidance program are satisfied; and (b) the state treasurer and the state superintendent each certify in writing, to be kept on file by the state treasurer and the state superintendent, that the local school board is fiscally solvent.
(a) all payment obligations of the local school board to the state under the default avoidance program are satisfied; and
(b) the state treasurer and the state superintendent each certify in writing, to be kept on file by the state treasurer and the state superintendent, that the local school board is fiscally solvent.
(4) Bonds not guaranteed by this part are not included in the definition of "bonds" in Section 53G-4-802 as used generally in this part and are not subject to the requirements of and do not receive the benefits of this part.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.