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Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-403. Provisions that a lease agreement may contain

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

(1) A lease agreement between a local building authority and its creating local entity may:

(a) provide that the creating local entity, as part of the lease payments for the leased property:

(i) pay all taxes and assessments levied against or on account of the leased property or rentals from it;

(ii) maintain insurance on the leased property for the benefit of the local building authority and the holders of the local building authority's bonds; and

(iii) assume all responsibility for any repair, replacement, alteration, or improvement to the leased property during the term of the lease agreement; and

(b) authorize the local entity to sublease all or specified portions of a project to:

(i) the state;

(ii) another local entity; or

(iii) a private party, including a nonprofit corporation, if the local building authority or local entity:

(A) intends to own the project throughout the useful life of the project; and

(B) determines that the local building authority or local entity's ownership of the project furthers a legitimate public purpose.

(2) A local entity that subleases some or all of a project under Subsection (1)(b) continues to be responsible for lease payments due under the lease agreement with the local building authority.

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Cite this article: FindLaw.com - Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-403. Provisions that a lease agreement may contain - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-17d-limited-purpose-local-government-entities-other-entities/ut-code-sect-17d-2-403/

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