Utah Code 53B-22-202. Higher Education Capital Projects Fund — Use of money in fund — Appropriations to fund — Administration of fund
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(1) There is created a capital projects fund known as the Higher Education Capital Projects Fund.
Terms Used In Utah Code 53B-22-202
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Capital development: means the same as capital development project, as defined in Section 63A-5b-401. See Utah Code 53B-22-201
- Dedicated project: means a capital development project for which state funds from an institution's allocation are requested or used. See Utah Code 53B-22-201
- Fund: means the Higher Education Capital Projects Fund created in Section 53B-22-202. See Utah Code 53B-22-201
- 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.
(2) Subject to appropriation, money in the fund shall be used:
(2)(a) for a dedicated project approved in accordance with Section 53B-22-204; or
(2)(b) to pay debt service in accordance with Subsection (3).
(3) Money in the fund may be used to pay debt service:
(3)(a) on a general obligation bond issued for a capital development project in accordance with Title 63B, Chapter 1a, Master General Obligation Bond Act; and
(3)(b) if the Legislature approves the use by a vote of two-thirds of all members elected to each house.
(4) The fund shall be funded by appropriations.
(5) The fund shall accrue interest, which shall be deposited into the fund.
(6) The Division of Finance shall administer the fund in accordance with this part.