(1) 

Terms Used In Utah Code 17-12-4

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • County legislative body: means :Utah Code 68-3-12.5
  • Executive: when used to describe the powers, duties, or functions of a person or body elected as the county executive or a person appointed as the county manager or administrative officer, refers to:
(a) the power and duty to carry laws and ordinances into effect and secure their due observance; and
(b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the executive branch of government. See Utah Code 17-50-101
  • Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:
    (a) the power and duty to enact ordinances, levy taxes, and establish budgets; and
    (b) those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
    • (a)  A county legislative body adopting proceedings authorizing the issuance of county bonds for the purpose of acquiring, improving, extending, furnishing, and equipping auditoriums, sports arenas, stadiums, convention centers, and all properties and facilities ordinarily forming part of a so-called “convention complex,” or for any part or combination of the foregoing may, by resolution, provide for the creation of a board of directors which, so long as any of the bonds remain outstanding either in original or refunded form may:

    (i)  have complete management and control of the facilities acquired with the proceeds of the bonds; or

    (ii)  act as an advisory board to the county executive and legislative body regarding the management and operation of a property or facility described in Subsection (1)(a).

    (b) 

    (i)  The board of directors described in Subsection (1)(a) shall have the number of members, possessing such qualifications and selected for such terms, and shall operate pursuant to such rules and regulations as adopted by the county legislative body.

    (ii)  The members of the board of directors described in Subsection (1)(a) shall serve without compensation except for reimbursement of expenses actually incurred in the performance of their duties.

    (iii)  After the appointment and organization of the board of directors, all vacancies thereafter occurring, whether by expiration of term or otherwise, shall be filled by majority vote of the remaining members of the board.

    (iv)  Subject to provisions adopted by the county legislative body, the members of the board of directors may have the powers and duties ordinarily enjoyed by the directors of a private corporation operating similar facilities.

    • (2)  A county legislative body that adopts proceedings for the purpose of and as described in Subsection (1)(a) shall provide that all revenues of every nature derived from the operation of the facilities so acquired with bond proceeds and not expended in the reasonable and proper costs of maintaining and operating the facilities, including the making of necessary repairs and replacements, be pledged to and utilized for the payment of principal of and interest on the bonds and, if so provided, the creation of a reserve for such purpose.

    (3)  This act is adopted for the purpose of eliminating or reducing so far as possible the ad valorem taxes necessary to be levied for the payment of such bonds and for the purpose of improving the security of such bonds, and accordingly the holders of the bonds from time to time shall have a vested and enforceable contract right in the provisions of this act and in the provisions of the bond proceedings adopted pursuant hereto.

    Amended by Chapter 41, 2011 General Session

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