Utah · statute · Utah Code tit. 63B · 518 active provisions
As used in this title: (1) "Bond anticipation note" means: (a) any financing note issued according to the procedures and requirements of this title in anticipation of the receipt of the proceeds of the sale of the bonds authorized under this title; and (b) any renewal of those notes. (2) "Bonds" means any bonds, bond a…
(1) There is created a State Bonding Commission composed of: (a) the governor; (b) the state treasurer; and (c) a third person appointed by the governor to serve a four-year term, who is a member of a political party different from that of the governor. (d) When the at-large position becomes vacant for any reason, the…
(1) As used in this section, "capital projects" means buildings but does not include highways, roads, or capital improvements to buildings. (2) All legislation authorizing the commission to issue bonds for the acquisition and construction of capital projects shall contain an estimate of the annual amount of funds neces…
This part shall be known as the "State Building Ownership Authority Act."
The Legislature finds and declares as follows: (1) it is the policy of this state to provide office space and related facilities for state bodies and such other governmental facilities and property, including highways and highway rights-of-way, as may be necessary or desirable, in the most efficient and economical way…
As used in this part: (1) "Acquire or construct," "acquired or constructed," "constructed or acquired," "acquiring or constructing," or "acquisition or construction" means any acquisition, construction, reconstruction, restoration, enlargement, improvement, renovation, repair, replacement, equipping or furnishing, in w…
(1) There is created a body politic and corporate to be known as the State Building Ownership Authority composed of: (a) the governor; (b) the state treasurer; and (c) the executive director of the Department of Government Operations. (2) A member may not receive compensation or benefits for the member's service, but m…
(1) The authority shall have perpetual succession as a body politic and corporate. (2) The authority may: (a) sue and to be sued in its own name; (b) have, and alter at will, an official seal; (c) contract with experts, advisers, consultants, and agents for needed services; (d) with the prior approval of the Legislatur…
(1) (a) All obligations issued by the authority under this part shall be limited obligations of the authority and may not constitute, nor give rise to, a general obligation or liability of, nor a charge against the general credit or taxing power of, this state or any of its political subdivisions. (b) This limitation s…
(1) The authority and state bodies shall enter into leases or agreements for the use and occupancy of any portion of any facility constructed or acquired under this part. (2) The leases or agreements may provide for the operation, maintenance, and insurance of the facility. (3) The leases and agreements shall provide t…
(1) Except as secured as provided in this part: (a) each obligation issued or caused to be issued by the authority, and the interest on that obligation, is payable solely out of rentals or lease payments received by the authority for the facilities constructed or acquired under this part; and (b) each obligation shall…
(1) The principal and interest on any obligation issued under this part: (a) shall be secured by a pledge and assignment of the revenues out of which that obligation shall be made payable; (b) may be secured by a mortgage covering all or any part of the facility for which the revenues from the obligation were used; (c)…
(1) The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued. (2) Any accrued interest and premium received upon the sale, and any portion of the proceeds that may not be needed for the purposes for which the obligations were issued, sha…
The cost of acquiring or constructing any facility shall be considered to include the following: (1) the actual cost of acquiring or improving real estate; (2) the actual cost of enlarging, constructing, reconstructing, improving, replacing, restoring, renovating, maintaining, equipping, or furnishing all or any part o…
If any of the members or officers of the authority no longer occupy their position at the time of the delivery of any obligations signed by them, their signatures or facsimiles of their signatures are valid and sufficient for all purposes, as if they had remained in office until that delivery.
All obligations of the authority are negotiable instruments within the meaning of, and for all purposes of Title 70A, Uniform Commercial Code, subject only to any provisions of those obligations relating to registration.
No person executing any obligations issued under this part is subject to personal liability or accountability because of the issuance.
(1) All property acquired or held by the authority under this part is declared to be public property used for essential public and governmental purposes. (2) All property and income from it, and all obligations issued under this part, the interest payable on them, and income derived from them, are exempt from all taxat…
(1) The obligations issued under this part are securities in which all persons and organizations authorized to invest in any obligations of this state may properly and legally invest any funds, including capital belonging to them or within their control. (2) These obligations are also declared to be securities that may…
(1) The authority may provide for the publication of any resolution it adopts for the authorization of obligations under this part: (a) in one issue of a newspaper having general circulation in this state; and (b) as required in Section 45-1-101. (2) In case of resolution or other proceeding providing for the issuance…
(1) The division shall: (a) construct, maintain, allocate the space in, and dispose of all facilities acquired or constructed for the authority with the proceeds of obligations of the authority; and (b) do all things necessary to keep those facilities in good order and repair. (2) The division may perform all of the du…
(1) The attorney general shall provide all legal services, and the state auditor shall provide all accounting and auditing services, required by the authority, without reimbursement from that authority. (2) Subsection (1) does not apply to attorneys' or accountants' opinions required for the issuance of any obligations…
(1) Each facility shall immediately vest in and become the property of this state when the obligations encumbering it are paid. (2) If the authority is dissolved at any time, for any reason, all property of the authority shall immediately vest in and become the property of this state, which shall succeed to all rights…
All obligations issued by the authority before the effective date of this part and all proceedings had in the authorization and issuance of these obligations and all agreements with respect to them and the security for them are: (1) validated, ratified, and confirmed; and (2) all these obligations, agreements, and secu…
(1) As used in this section: (a) "Cost" includes: (i) all costs related to the authorized capital project, including the cost of equipment and furnishings for, interests in, or improvements necessary, incidental, or convenient to, those capital projects; (ii) all costs incident to the authorization and issuance of bond…