Utah Code 63H-8-403. Notes, bonds, other obligations — Not a debt liability — Expenses payable from funds provided — Corporation without authority to incur liability on behalf of state — Relationship to Governmental Immunity Act of Utah
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(1)
Terms Used In Utah Code 63H-8-403
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Utah Housing Corporation created by Section 63H-8-201, which, prior to July 1, 2001, was named the Utah Housing Finance Agency. See Utah Code 63H-8-103
- Employee of the corporation: means an individual who is employed by the corporation but who is not a trustee of the corporation. See Utah Code 63H-8-103
- 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.
- State: means the state of Utah. See Utah Code 63H-8-103
- Town: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5
(1)(a)
(1)(a)(i) Notes, bonds, and other obligations issued under this chapter are not a debt or liability of the state or of a county, city, town, school district, or other political subdivision of the state.
(1)(a)(ii) The notes, bonds, or other obligations do not constitute the loaning of credit of the state or of a county, city, town, school district, or other political subdivision of the state.
(1)(a)(iii) The notes, bonds, or other obligations are not payable from money other than that of the corporation.
(1)(b) All notes, bonds, or other obligations shall contain on their face a statement to the effect that:
(1)(b)(i) the corporation shall pay the note, bond, or obligation solely from the revenues or other money of the corporation;
(1)(b)(ii) neither the state nor any of its political subdivisions are obligated to pay the note, bond, or obligation; and
(1)(b)(iii) neither the faith and credit nor the taxing power of the state or any of its political subdivisions are pledged to the payment of principal, redemption price of, or the interest on, the notes, bonds, or other obligations.
(2) All expenses incurred in carrying out this chapter are payable solely from funds provided under this chapter, and nothing in this chapter authorizes the corporation to incur indebtedness or liability on behalf of or payable by the state or any of its political subdivisions.
(3)
(3)(a) Title 63G, Chapter 7, Governmental Immunity Act of Utah, applies to the corporation.
(3)(b) Notwithstanding Subsection (3)(a), a claim may not be brought against the state, a public official or employee of the state, another public entity, or a public official or employee of another public entity, based on or arising from:
(3)(b)(i) a failure to fulfill a contractual obligation of the corporation;
(3)(b)(ii) an act or failure to act by the corporation or its trustees, officers, employees, agents, or representatives; or
(3)(b)(iii) failure of the corporation to comply with the requirements of any law or regulation.
(3)(c) The provisions of Subsection (3)(b) do not apply to a claim of a current or former officer or employee of the corporation for retirement or insurance benefits.