Utility bond is the bond which is issued to perform
the public utility service as per the jurisdiction and
ordinance of the state and federal government. The bonds
are also known by the name as state forest utility bonds.
The principal or interest of the bonds will not be a
general obligation of the state, but shall be owed from
the forest development account only. The department
may issue the bonds in exchange for lands that are being
selected by it. This bond is framed according to the
ordinance of the state proceeds. Moreover, any of the
bonds that are issued in exchange and payment for any
finicky tract of lands should be created first and prior
lien against the particular land for which they are
exchanged, and upon failure for paying bonds and interest
according to their terms, the lien of the bonds may
be foreclosed by suitable court action.
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