Terms Used In Utah Code > Title 11 > Chapter 70 > Part 5 - Project Area Plan and Budget

• Agency: means :
       (6)(a) a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and
       (6)(b) an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annexing county: means the county to which a portion of an adjoining county is annexed or proposed to be annexed as provided in this part. See Utah Code 17-2-202
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Base taxable value: means the taxable value of land within the fairpark district boundary as of January 1, 2024, as determined under Subsection 11-70-206(9). See Utah Code 11-70-101
• Board: means the fairpark district's governing body, created in Section 11-70-301. See Utah Code 11-70-101
• cash: means a medium of exchange that a depository institution, as defined in Section 7-1-103, accepts for deposit and allows an immediate credit to an account in the depository institution, including the following in a depository institution:
       (2)(a) a savings account; or
       (2)(b) a certificate of deposit with a maturity date within one year or less from the day on which the certificate of deposit is acquired. See Utah Code 31A-18-101
• Certificate: means evidence of insurance given to:
       (23)(a) an insured under a group insurance policy; or
       (23)(b) a third party. See Utah Code 31A-1-301
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Contract: A legal written agreement that becomes binding when signed.
• 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 an insurance corporation, except when referring to:
            (34)(a)(i) a corporation doing business:

                 (34)(a)(i)(A) as:

                      (34)(a)(i)(A)(I) an insurance producer;

                      (34)(a)(i)(A)(II) a surplus lines producer;

                      (34)(a)(i)(A)(III) a limited line producer;

                      (34)(a)(i)(A)(IV) a consultant;

                      (34)(a)(i)(A)(V) a managing general agent;

                      (34)(a)(i)(A)(VI) a reinsurance intermediary;

                      (34)(a)(i)(A)(VII) a third party administrator; or

                      (34)(a)(i)(A)(VIII) an adjuster; and

                 (34)(a)(i)(B) under:

                      (34)(a)(i)(B)(I) Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries;

                      (34)(a)(i)(B)(II) Chapter 25, Third Party Administrators; or

                      (34)(a)(i)(B)(III) Chapter 26, Insurance Adjusters; or
            (34)(a)(ii) a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301
• County legislative body: means :
       (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
       (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
       (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Development: means :
       (5)(a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
       (5)(b) the planning of, arranging for, or participation in any of the activities listed in Subsection (5)(a). See Utah Code 11-70-101
• Development project: means a project for the development of land within a project area. See Utah Code 11-70-101
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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.
• Excess surplus: means :
            (186)(c)(i) for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of:

                 (186)(c)(i)(A) that amount of an insurer's or health organization's total adjusted capital that exceeds the product of:

                      (186)(c)(i)(A)(I) 2. See Utah Code 31A-1-301
• Executive: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to:
       (2)(a) the power and duty to carry laws and ordinances into effect and secure their due observance; and
       (2)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101
• Fair park authority: means the State Fair Park Authority created in Section 11-68-201. See Utah Code 11-70-101
• Fair park land: means the same as that term is defined in Section 11-68-101. See Utah Code 11-70-101
• Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201. See Utah Code 11-70-101
• Fairpark district boundary: means a line or set of lines that:
       (12)(a) defines the geographic boundary of the fairpark district, consisting of the interior space within each polygon described by the line or set of lines; and
       (12)(b) is delineated in the electronic shapefile that is the electronic component of H. See Utah Code 11-70-101
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Franchise agreement: means a legally binding and valid agreement under which:
       (15)(a) a franchise is confirmed for a major league sports team that before January 1, 2024 had not been located in the state; and
       (15)(b) the major league sports team agrees to play home games in a stadium to be constructed within the fairpark district boundary. See Utah Code 11-70-101
• Franchise agreement date: means the date that a franchise agreement is fully executed and in effect. See Utah Code 11-70-101
• Individual: means a natural person. See Utah Code 31A-1-301
• Initiating county: means the county, from which a portion is annexed or proposed to be annexed to an adjoining county. See Utah Code 17-2-202
• Insurance: includes :
            (96)(b)(i) a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
            (96)(b)(ii) a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
            (96)(b)(iii) a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
• Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes:
            (103)(a)(i) a policyholder;
            (103)(a)(ii) a subscriber;
            (103)(a)(iii) a member; and
            (103)(a)(iv) a beneficiary. See Utah Code 31A-1-301
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• 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}
• Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
       (3)(a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
       (3)(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Major league sports team: means a team:
       (18)(a) consisting of professional athletes;
       (18)(b) that is part of a professional sports league; and
       (18)(c) that is engaged in the business of presenting live sporting events before primarily a paying audience. See Utah Code 11-70-101
• Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• 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.
• Order: means an order of the commissioner. See Utah Code 31A-1-301
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Personal property: All property that is not real property.
• Personal property: includes :
       (25)(a) money;
       (25)(b) goods;
       (25)(c) chattels;
       (25)(d) effects;
       (25)(e) evidences of a right in action;
       (25)(f) a written instrument by which a pecuniary obligation, right, or title to property is created, acknowledged, transferred, increased, defeated, discharged, or diminished; and
       (25)(g) a right or interest in an item described in Subsections (25)(a) through (f). See Utah Code 68-3-12.5
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Project area: means land described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-70-101
• Project area budget: means a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to the project area. See Utah Code 11-70-101
• Project area plan: means a written plan that, after its effective date, guides and controls the development within a project area. See Utah Code 11-70-101
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Property tax: includes each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-70-101
• Public infrastructure and improvements: includes :
            (29)(b)(i) facilities, lines, or systems that provide:

                 (29)(b)(i)(A) water, chilled water, or steam; or

                 (29)(b)(i)(B) sewer, storm drainage, natural gas, electricity, energy storage, renewable energy, microgrids, or telecommunications service;
            (29)(b)(ii) streets, roads, curbs, gutters, sidewalks, walkways, solid waste facilities, parking facilities, rail lines, intermodal facilities, multimodal facilities, and public transportation facilities;
            (29)(b)(iii) a qualified stadium;
            (29)(b)(iv) public trails and pathways associated with and rehabilitation of and improvements to the Jordan River; and
            (29)(b)(v) agricultural and related exhibit facilities on fair park land. See Utah Code 11-70-101
• Qualified owner: means an owner of at least 65 contiguous acres of privately owned land within the fairpark district boundary, or the owner's affiliate. See Utah Code 11-70-101
• Qualified stadium: includes parking structures or facilities, lighting facilities, plazas, and open space associated with a stadium described in Subsection (31)(a). See Utah Code 11-70-101
• real property: includes :
       (31)(a) land;
       (31)(b) a tenement;
       (31)(c) a hereditament;
       (31)(d) a water right;
       (31)(e) a possessory right; and
       (31)(f) a claim. See Utah Code 68-3-12.5
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Road: includes :
       (33)(a) a public bridge;
       (33)(b) a county way;
       (33)(c) a county road;
       (33)(d) a common road; and
       (33)(e) a state road. See Utah Code 68-3-12.5
• Security: means a:
            (176)(a)(i) note;
            (176)(a)(ii) stock;
            (176)(a)(iii) bond;
            (176)(a)(iv) debenture;
            (176)(a)(v) evidence of indebtedness;
            (176)(a)(vi) certificate of interest or participation in a profit-sharing agreement;
            (176)(a)(vii) collateral-trust certificate;
            (176)(a)(viii) preorganization certificate or subscription;
            (176)(a)(ix) transferable share;
            (176)(a)(x) investment contract;
            (176)(a)(xi) voting trust certificate;
            (176)(a)(xii) certificate of deposit for a security;
            (176)(a)(xiii) certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
            (176)(a)(xiv) commodity contract or commodity option;
            (176)(a)(xv) certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (176)(a)(i) through (xiv); or
            (176)(a)(xvi) another interest or instrument commonly known as a security. See Utah Code 31A-1-301
• Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
• Stadium contribution: means the principal amount of bonds that the district issues to pay for the development and construction of a qualified stadium, plus any other amount the district pays toward the development and construction of a qualified stadium. See Utah Code 11-70-101
• 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
• Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301
• Taxing entity: means the same as that term is defined in Section 59-2-102, excluding a public infrastructure district that the fairpark district creates under Title 17D, Chapter 4, Public Infrastructure District Act. See Utah Code 11-70-101
• Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with:
       (189)(a) the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and
       (189)(b) another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301
• Town: includes , depending on population, a metro township as defined in Section 10-3c-102. 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