Utah Code 17B-2a-607. Contracts with other corporations
Current as of: 2024 | Check for updates
|
Other versions
(1) A metropolitan water district may:
Terms Used In Utah Code 17B-2a-607
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Metropolitan water district: means a special district that operates under and is subject to the provisions of this chapter and Chapter 2a, Part 6, Metropolitan Water District Act, including an entity that was created and operated as a metropolitan water district under the law in effect before April 30, 2007. See Utah Code 17B-1-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(1)(a) contract with one or more corporations, public or private, for the purpose of:
(1)(a)(i) financing acquisitions, constructions, or operations of the district; or
(1)(a)(ii) carrying out any of the district’s powers;
(1)(b) in a contract under Subsection (1)(a), obligate itself severally or jointly with the other corporation or corporations; and
(1)(c) secure, guarantee, or become surety for the payment of an indebtedness or the performance of a contract or other obligation incurred or entered into by a corporation whose shares of stock the district has acquired.
(2) A contract under Subsection (1)(a) may:
(2)(a) provide for:
(2)(a)(i) contributions to be made by each contracting party;
(2)(a)(ii) the division and apportionment of:
(2)(a)(ii)(A) the expenses of acquisitions and operations; and
(2)(a)(ii)(B) the contractual benefits, services, and products; and
(2)(a)(iii) an agency to make acquisitions and carry on operations under the contract; and
(2)(b) contain covenants and agreements as necessary or convenient to accomplish the purposes of the contract.