11-59-205. Authority funds.
| (1) |
Authority funds consist of all money that the authority receives from any source, including:
Terms Used In Utah Code 11-59-205- Authority: means the Point of the Mountain State Land Authority, created in Section 11-59-201. See Utah Code 11-59-102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Point of the mountain state land: means the approximately 700 acres of state-owned land in Draper, including land used for the operation of a state correctional facility until completion of the new correctional facility and state-owned land in the vicinity of the current state correctional facility. See Utah Code 11-59-102
- 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
| (a) |
money appropriated by the Legislature; |
| (b) |
money from lease revenue; |
| (c) |
revenue from fees or other charges imposed by the authority; and |
| (d) |
other money paid to or acquired by the authority, as provided in this chapter or other applicable law. |
|
| (2) |
The authority may use authority funds to carry out any of the powers of the authority under this chapter or for any purpose authorized under this chapter, including:
| (a) |
providing long-term benefits to the state from the development or use of point of the mountain state land; |
| (b) |
investment in authority projects; |
| (c) |
repayment of point of the mountain infrastructure loans; |
| (d) |
repayment of or collateral for authority bonds; |
| (e) |
the sharing of money with other governmental entities under an interlocal agreement; and |
| (f) |
paying any consulting fees, staff salaries, and other administrative, overhead, legal, and operating expenses of the authority. |
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Amended by Chapter 263, 2023 General Session
