Utah Code 63B-1-305. Powers and duties of authority
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(1) The authority shall have perpetual succession as a body politic and corporate.
Terms Used In Utah Code 63B-1-305
- Authority: means the State Building Ownership Authority created by this part. See Utah Code 63B-1-303
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Contract: A legal written agreement that becomes binding when signed.
- Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-303
- facilities: means any public building, structure, highway, or property for any governmental purpose of state bodies, and the related and appurtenant easements, rights-of-way, improvements, paving, utilities, landscaping, parking facilities, and the lands, interests in land, and grounds, together with the personal property necessary, convenient, or appurtenant to them. See Utah Code 63B-1-303
- Facility: includes a golf course. See Utah Code 63B-1-303
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means any mortgage, trust deed, indenture, pledge agreement, assignment, security agreement, financing statement, or other instrument that encumbers property as security for obligations. See Utah Code 63B-1-303
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Obligations: means any mortgage certificates, notes, debentures, interim certificates, revenue bonds, or other evidences of financial indebtedness. See Utah Code 63B-1-303
- 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
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2) The authority may:
(2)(a) sue and to be sued in its own name;
(2)(b) have, and alter at will, an official seal;
(2)(c) contract with experts, advisers, consultants, and agents for needed services;
(2)(d) with the prior approval of the Legislature, borrow money and issue obligations, including refunding obligations;
(2)(e) receive and accept aid or contributions from any source, including the United States or this state, in the form of money, property, labor, or other things of value to be held, used and applied to carry out the purposes of this part, subject to the conditions upon which this aid and contributions are made, for any purpose consistent with this part;
(2)(f) enter into agreements with any department, agency or instrumentality of the United States or this state, financial institutions, or contractors for the purpose of leasing, maintaining, and operating any facility;
(2)(g) to the extent permitted under its contract with the holders of its obligations, consent to any modification relating to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which it is a party;
(2)(h) pledge revenues from any facility to secure the payment of obligations relating to that facility, including interest on obligations, and to redeem those obligations;
(2)(i) cause to be executed mortgages, trust deeds, indentures, pledge agreements, assignments, security agreements, and financing statements encumbering property acquired, or constructed under this part;
(2)(j) own, lease, operate, and encumber facilities acquired or constructed under this chapter by it or the division;
(2)(k) exercise the power of eminent domain;
(2)(l) rent or lease any facility in whole or in part to any state body; and
(2)(m) have and exercise any other powers or duties that are necessary or appropriate to carry out and effectuate the purposes of this part.
(3)
(3)(a) The authority shall submit an annual written report of the authority’s proceedings to the State Finance Review Commission created in Section 63C-25-201.
(3)(b) The report shall include:
(3)(b)(i) a description of any outstanding money borrowed and obligations issued by the authority, including loan amounts, terms, and security;
(3)(b)(ii) facilities funded by the actions of the authority; and
(3)(b)(iii) an explanation of why the financing terms and obligations used for a facility are appropriate and in the best interest of the state.