Utah Code 11-68-403. Enterprise fund — Creation — Revenue — Uses
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(1)
Terms Used In Utah Code 11-68-403
- Authority: means the State Fair Park Authority, created in Section 11-68-201. See Utah Code 11-68-101
- Board: means the authority board, created in Section 11-68-301. See Utah Code 11-68-101
- Executive director: means the executive director hired by the board under Section 11-68-302. See Utah Code 11-68-101
- Fair park land: includes any land acquired by the authority under Subsection 11-68-201(6)(i). See Utah Code 11-68-101
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- 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
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(1)(a) There is created an enterprise fund entitled the Utah State Fair Fund.(1)(b) The executive director shall administer the fund under the direction of the board.
(2) The fund consists of money generated from the following revenue sources:
(2)(a) money the authority receives under Section 11-70-203 ;
(2)(b) money the authority receives under a lease agreement for the lease of any part of fair park land;
(2)(c) revenue received from any expositions or other events wholly or partially sponsored by the authority;
(2)(d) aid or contributions of money, property, labor, or other things of value from any source, including any grants or appropriations from any department, agency, or instrumentality of the United States or the state;
(2)(e) appropriations made to the fund by the Legislature; and
(2)(f) any other income obtained by the authority.
(3)
(3)(a) The fund shall earn interest.
(3)(b) All interest earned on fund money shall be deposited into the fund.
(4) The executive director may use fund money to operate, maintain, and support the Utah State Fair, the fair park land, and other expositions sponsored by the authority.