Utah Code Title 63B. Bonds § 63B-1-308. Payment of obligations out of rentals--Other governmental entities not liable for payment--Appropriations for increased rentals--Defaulting bodies to quit premises

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

(1) Except as secured as provided in this part:

(a) each obligation issued or caused to be issued by the authority, and the interest on that obligation, is payable solely out of rentals or lease payments received by the authority for the facilities constructed or acquired under this part; and

(b) each obligation shall state that information on its face.

(2) Except to the extent that facilities are encumbered, nothing in this part may be construed to:

(a) require the state, or any department, board, commission, agency, or political subdivision of the state, other than the authority, to pay any part of any obligation issued or caused to be issued under this part, or any interest on any of those obligations;

(b) require the state or any department, board, commission, agency or political subdivision of the state, other than the state body or state bodies leasing any portion of the facilities, to pay any rental due to the authority by any state body under the terms of any lease of facilities; or

(3) If the rentals paid by a state body to the authority are insufficient to pay the principal and interest on the obligations or other amounts payable from rentals when due, the governor may request the Legislature to appropriate additional funds to that body for the payment of increased rentals.

(4) If a state body fails to pay any rentals due to the authority under the terms of any lease or agreement for facilities, that body shall immediately quit and vacate the portion of that facility that it has occupied under that lease or agreement, and the rental or lease obligation under the lease or agreement shall then cease.

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Cite this article: FindLaw.com - Utah Code Title 63B. Bonds § 63B-1-308. Payment of obligations out of rentals--Other governmental entities not liable for payment--Appropriations for increased rentals--Defaulting bodies to quit premises - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63b-bonds/ut-code-sect-63b-1-308/

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