A local government entity that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the local government entity paid for the procurement item:

(1)  shall require the buyback purchaser to pay cash for the procurement item;

Terms Used In Utah Code 11-54-103

  • Buyback purchaser: means a person who buys a procurement item from the local government entity to which the person previously sold the procurement item. See Utah Code 11-54-102
  • Excess repurchase amount: means the difference between:
(a) the amount a buyback purchaser pays to a local government entity to purchase a procurement item that the buyback purchaser previously sold to the local government entity; and
(b) the amount the local government entity paid to the buyback purchaser to purchase the procurement item. See Utah Code 11-54-102
  • Local government entity: means a county, city, town, metro township, special district, special service district, community reinvestment agency, conservation district, or school district that is not subject to Title 63G, Chapter 6a, Utah Procurement Code. See Utah Code 11-54-102
  • Person: means :Utah Code 68-3-12.5
  • Procurement item: means the same as that term is defined in Section 63G-6a-103. See Utah Code 11-54-102
    • (2)  may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the local government entity makes from the buyback purchaser; and

    (3)  may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.

    Enacted by Chapter 180, 2016 General Session

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