53B-22-202. Higher Education Capital Projects Fund — Use of money in fund — Appropriations to fund — Administration of fund.
| (1) |
There is created a capital projects fund known as the Higher Education Capital Projects Fund. |
Terms Used In Utah Code 53B-22-202
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Capital development: means the same as capital development project, as defined in Section 63A-5b-401. See Utah Code 53B-22-201
- Dedicated project: means a capital development project for which state funds from an institution's allocation are requested or used. See Utah Code 53B-22-201
- Fund: means the Higher Education Capital Projects Fund created in Section 53B-22-202. See Utah Code 53B-22-201
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
| (2) |
Subject to appropriation, money in the fund shall be used:
| (a) |
for a dedicated project approved in accordance with Section 53B-22-204; or |
| (b) |
to pay debt service in accordance with Subsection (3). |
|
| (3) |
Money in the fund may be used to pay debt service:
| (b) |
if the Legislature approves the use by a vote of two-thirds of all members elected to each house. |
|
| (4) |
The fund shall be funded by appropriations. |
| (5) |
The fund shall accrue interest, which shall be deposited into the fund. |
| (6) |
The Division of Finance shall administer the fund in accordance with this part. |
Enacted by Chapter 482, 2019 General Session
