11-59-501. Dissolution of authority — Restrictions — Publishing notice of dissolution — Authority records — Dissolution expenses.
| (1) |
The authority may not be dissolved unless:
Terms Used In Utah Code 11-59-501
| (a) |
the authority board first receives approval from the Legislative Management Committee of the Legislature to dissolve the authority; and |
| (b) |
the authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations with persons or entities other than the state. |
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| (2) |
To dissolve the authority, the board shall:
| (a) |
obtain the approval of the Legislative Management Committee of the Legislature; and |
| (b) |
adopt a resolution dissolving the authority, to become effective as provided in the resolution. |
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| (3) |
Upon the dissolution of the authority:
| (a) |
the Governor’s Office of Economic Opportunity shall publish a notice of dissolution:
| (i) |
for the county in which the dissolved authority is located, as a class A notice under Section 63G-30-102, for at least seven days; and |
| (ii) |
as required in Section 45-1-101; and |
|
| (b) |
all title to property owned by the authority vests in the facilities division for the benefit of the state. |
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| (4) |
The board shall deposit all books, documents, records, papers, and seal of the dissolved authority with the state auditor for safekeeping and reference. |
| (5) |
The authority shall pay all expenses of the deactivation and dissolution. |
Amended by Chapter 263, 2023 General Session
Amended by Chapter 435, 2023 General Session
