Utah Code 63A-1-112. Certificates of participation — Legislative approval required — Definition — Exception
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(1)
Terms Used In Utah Code 63A-1-112
- Agency: means a board, commission, institution, department, division, officer, council, office, committee, bureau, or other administrative unit of the state, including the agency head, agency employees, or other persons acting on behalf of or under the authority of the agency head, the Legislature, the courts, or the governor, but does not mean a political subdivision of the state, or any administrative unit of a political subdivision of the state. See Utah Code 63A-1-103
- 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
- Department: means the Department of Government Operations. See Utah Code 63A-1-103
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) Certificates of participation for either capital facilities or capital improvements may not be issued by the department, its subdivisions, or any other state agency after July 1, 1985, without prior legislative approval.
(1)(b) Nothing in this section affects the rights and obligations surrounding certificates of participation that were issued prior to July 1, 1985.
(2)
(2)(a) As used in this section, “certificate of participation” means an instrument that acts as evidence of the certificate holder’s undivided interest in property being lease-purchased, the payment on which is subject to appropriation by the Legislature.
(2)(b)
(2)(b)(i) As used in this Subsection (2)(b), “performance efficiency agreement” means the same as that term is defined in Section 63A-5b-1001.
(2)(b)(ii) “Certificate of participation” does not include a performance efficiency agreement.