Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-402. Requirements for lease agreements

(i) to pay:

(ii) to accumulate any reasonable reserve that the local building authority considers necessary;

(i) subject to Subsection (2), renew the lease for a fixed term beyond the initial term by giving specified notice before the expiration of the initial term; and

(ii) subject to Subsection (3) and the terms of the lease agreement, purchase the leased property on a date fixed in the agreement;

(i) to purchase the leased property; or

(ii) to a creditor, shareholder, or security holder of the local building authority; and

(i) title to the project vest in the creating local entity upon payment in full of all outstanding local building authority bonds issued to construct, acquire, improve, or extend a project; and

(ii) any remaining assets and net earnings of the local building authority be paid to the creating local entity upon dissolution of the local building authority, as provided in Section 17D-2-702.