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Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-701. Local entity governing body may dissolve local building authority--Limitation

Current as of May 05, 2022 | Updated by FindLaw Staff

(1) Subject to Subsection (2), the governing body of the creating local entity may at any time dissolve a local building authority created by the creating local entity, by following the procedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, for the dissolution of a nonprofit corporation.

(2) A creating local entity's governing body may not dissolve a local building authority unless:

(a)(i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and

(ii) all other obligations of the local building authority are paid in full; or

(b) the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).

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Cite this article: FindLaw.com - Utah Code Title 17D. Limited Purpose Local Government Entities--Other Entities § 17D-2-701. Local entity governing body may dissolve local building authority--Limitation - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-17d-limited-purpose-local-government-entities-other-entities/ut-code-sect-17d-2-701/

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