Contesting the legality of resolution authorizing bonds -- Time limit -- Presumption.
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(1) Any person may contest the legality of the resolution authorizing issuance of the bond or any provisions for the security and payment of the bond for a period of 30 days after:
(a) publication of the resolution authorizing the bond; or
(b) publication of a notice of bond containing substantially the items required under Subsection 11-14-316(2).
(2) After the 30-day period described in Subsection (1), no person may bring a lawsuit or other proceeding contesting the regularity, formality, or legality of the bond for any reason.
(3) In a lawsuit or other proceeding involving the question of whether a bond issued under this part is valid or enforceable or involving the security for a bond, if a bond recites that the agency issued the bond in connection with project area development:
(a) the bond shall be conclusively presumed to have been issued for that purpose; and
(b) the project area plan and project area shall be conclusively presumed to have been properly formed, adopted, planned, located, and implemented in accordance with this title.