Utah Code 63B-1-307. Lease of facilities to state bodies — Rental
Current as of: 2024 | Check for updates
|
Other versions
(1) The authority and state bodies shall enter into leases or agreements for the use and occupancy of any portion of any facility constructed or acquired under this part.
Terms Used In Utah Code 63B-1-307
- Authority: means the State Building Ownership Authority created by this part. 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
- Obligations: means any mortgage certificates, notes, debentures, interim certificates, revenue bonds, or other evidences of financial indebtedness. See Utah Code 63B-1-303
- 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
- state bodies: includes a college or university when the obligation to be issued will finance the acquisition or construction of research facilities, housing facilities, or student centers at the college or university. See Utah Code 63B-1-303
(2) The leases or agreements may provide for the operation, maintenance, and insurance of the facility.
(3) The leases and agreements shall provide that:
(3)(a) the rental to be paid annually by each state body to the authority for the use and occupancy is in proportion to the space occupied in the facility by that state body;
(3)(b) those rentals shall be in an amount sufficient to completely pay all principal and interest on those obligations as they come due; and
(3)(c) those rentals may include:
(3)(c)(i) the cost of maintenance, operation, and insurance of those facilities;
(3)(c)(ii) the expenses of the authority in administering the facilities under this part;
(3)(c)(iii) amounts needed to provide reserves to secure obligations, to maintain, repair, renovate, reconstruct, or replace those facilities; and
(3)(c)(iv) any other reserves and funds that the authority considers necessary or advisable in order to sell its obligations.