A local government entity that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the local government entity paid for the procurement item:

(1) shall require the buyback purchaser to pay cash for the procurement item;
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Terms Used In Utah Code 11-54-103

  • Buyback purchaser: means a person who buys a procurement item from the local government entity to which the person previously sold the procurement item. See Utah Code 11-54-102
  • Excess repurchase amount: means the difference between:
         (2)(a) the amount a buyback purchaser pays to a local government entity to purchase a procurement item that the buyback purchaser previously sold to the local government entity; and
         (2)(b) the amount the local government entity paid to the buyback purchaser to purchase the procurement item. See Utah Code 11-54-102
  • Local government entity: means a county, city, town, special district, special service district, community reinvestment agency, conservation district, or school district that is not subject to Title 63G, Chapter 6a, Utah Procurement Code. See Utah Code 11-54-102
  • Person: means :
         (24)(a) an individual;
         (24)(b) an association;
         (24)(c) an institution;
         (24)(d) a corporation;
         (24)(e) a company;
         (24)(f) a trust;
         (24)(g) a limited liability company;
         (24)(h) a partnership;
         (24)(i) a political subdivision;
         (24)(j) a government office, department, division, bureau, or other body of government; and
         (24)(k) any other organization or entity. See Utah Code 68-3-12.5
  • Procurement item: means the same as that term is defined in Section 63G-6a-103. See Utah Code 11-54-102
(2) may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the local government entity makes from the buyback purchaser; and
(3) may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.

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