Utah Code 11-17-17. State universities granted same powers as municipalities and counties — Authority to issue bonds
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(1) The Utah Board of Higher Education may, on behalf of the University of Utah and Utah State University exercise all powers granted to municipalities and counties pursuant to this chapter, except as provided in Subsection (2).
Terms Used In Utah Code 11-17-17
- Bonds: means bonds, notes, or other evidences of indebtedness. See Utah Code 11-17-2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
- State university: means an institution of higher education as described in Section
53B-2-101 and includes any nonprofit corporation or foundation created by and operating under their authority. See Utah Code 11-17-2
(2) The Utah Board of Higher Education may not issue bonds in excess of $10,000,000 in any one fiscal year under this chapter on behalf of either institution as the borrower without prior approval from the Legislature.
(3) Refunding bonds are exempt from the requirements of Subsection (2) if:
(3)(a) the bonds are issued to reduce debt service costs; and
(3)(b) the refunding bonds mature during the same time frame as the original obligation.