Utah Code 11-25-3. Definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
(1) | “Agency” means a community reinvestment agency functioning pursuant to Title 17C, Limited Purpose Local Government Entities – Community Reinvestment Agency Act. |
(a) | defective design and character of physical construction; |
(b) | faulty interior arrangement and exterior spacing; |
(c) | high density of population and overcrowding; |
(d) | inadequate provision for ventilation, light, sanitation, open spaces, and recreation facilities; |
(e) | age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses; and |
(f) | economic dislocation, deterioration, or disuse, resulting from faulty planning. See Utah Code 11-25-3 |
(2) | “Bonds” mean any bonds, notes, interim certificates, debentures, or other obligations issued by an agency pursuant to this part and which are payable exclusively from the revenues, as defined in Subsection (10), and from any other funds specified in this part upon which the bonds may be made a charge and from which they are payable. |
(4) | “Financing” means the lending of money or any other thing of value for the purpose of residential rehabilitation. |
(5) | “Participating party” means any person, company, corporation, partnership, firm, agency, political subdivision of the state, or other entity or group of entities requiring financing for residential rehabilitation pursuant to the provisions of this part. No elective officer of the state or any of its political subdivisions shall be eligible to be a participating party under the provision of this part. |
(6) | “Rehabilitation standards” mean the applicable local or state standards for the rehabilitation of buildings located in residential rehabilitation areas, including any higher standards adopted by the agency as part of its residential rehabilitation financing program. |
(7) | “Residence” means a residential structure in residential rehabilitation areas. It also means a commercial structure which, in the judgment of the agency, is an integral part of a residential neighborhood. |
(8) | “Residential rehabilitation” means the construction, reconstruction, renovation, replacement, extension, repair, betterment, equipping, developing, embellishing, or otherwise improving residences consistent with standards of strength, effectiveness, fire resistance, durability, and safety, so that the structures are satisfactory and safe to occupy for residential purposes and are not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency, or crime because of any one or more of the following factors:
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(9) | “Residential rehabilitation area” means the geographical area designated by the agency as one for inclusion in a comprehensive residential rehabilitation financing program pursuant to the provisions of this chapter. |
(10) | “Revenues” mean all amounts received as repayment of principal, interest, and all other charges received for, and all other income and receipts derived by, the agency from the financing of residential rehabilitation, including money deposited in a sinking, redemption, or reserve fund or other fund to secure the bonds or to provide for the payment of the principal of, or interest on, the bonds and such other money as the legislative body may, in its discretion, make available therefor. |
Amended by Chapter 350, 2016 General Session