Utah Code 63B-1-320. State to succeed to property of authority when encumbrances paid or authority dissolved
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(1) Each facility shall immediately vest in and become the property of this state when the obligations encumbering it are paid.
Terms Used In Utah Code 63B-1-320
- 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
- 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
(2) If the authority is dissolved at any time, for any reason, all property of the authority shall immediately vest in and become the property of this state, which shall succeed to all rights of the authority and to any encumbrances which may then exist on any particular facilities, to the extent provided by this part.