If an independent entity seeks to privatize the independent entity, it shall:
Terms Used In Utah Code 63E-1-403
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Authorizing statute: means the statute creating an entity as an independent entity. See Utah Code 63E-1-102
Independent entity: means an entity having a public purpose relating to the state or its citizens that is individually created by the state or is given by the state the right to exist and conduct its affairs as an:
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Statute: A law passed by a legislature.
(a)
submit to the Legislature recommended legislation to:
(i)
repeal the authorizing statute and revise state law as necessary to terminate its relationship to the state; and
(ii)
address the value of any interests the state holds in the independent entity and whether the state should receive compensation for those interests as part of privatization; and
(b)
be audited by the state auditor:
(i)
within one year prior to the effective date of legislation that repeals the authorizing statute to terminate the relationship between the independent entity and the state; and
(ii)
to determine the amount, nature, and source of revenues and assets of the independent entity.
(2)
The relationship between the state and an independent entity may not be terminated except by the repeal of the authorizing statute of the independent entity.
