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Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-401. Project lease agreements

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A local building authority and its creating local entity may enter into a lease agreement with respect to a project that the local building authority:

(a) has constructed, acquired, improved, or extended on behalf of the creating local entity; or

(b) will construct, acquire, improve, or extend on behalf of the creating local entity.

(2)(a) A local building authority and its creating local entity may enter into a lease agreement before the local building authority's acquisition of a site or construction of the project.

(b) Each lease agreement described in Subsection (2)(a) shall:

(i) provide that the creating local entity is not required to make a lease payment until acquisition or construction of the project is completed; and

(ii) require the local building authority to furnish or cause the construction contractor to furnish a bond satisfactory to the creating local entity, conditioned upon:

(A) final completion of the project as expeditiously as reasonably possible from the date of the execution of the lease agreement; and

(B) delivery of possession of the project to the creating local entity free and clear of all liens and encumbrances, except:

(I) taxes, liens, and encumbrances on the local building authority's interest in the leased property; and

(II) easements and restrictions that the creating local entity accepts.

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Cite this article: FindLaw.com - Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-401. Project lease agreements - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-17d-limited-purpose-local-government-entities-other-entities/ut-code-sect-17d-2-401/

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