17D-2-103. Status and authority of a local building authority — Registration as a limited purpose entity.
(1)
A local building authority:
Terms Used In Utah Code 17D-2-103
Creating local entity: means the local entity that creates or created the local building authority. See Utah Code 17D-2-102
Local entity: means a county, city, town, school district, special district, or special service district. See Utah Code 17D-2-102
Project: means an improvement, facility, property, or appurtenance to property that a local entity is permitted under law to own or acquire, whether located inside or outside the local entity's boundary, including:
(a)
a public building or other structure of any kind; and
(b)
a joint or partial interest in the improvement, facility, property, or appurtenance to property. See Utah Code 17D-2-102
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)
is a public entity and an instrumentality of the state, created by a local entity solely for the purpose of constructing, acquiring, improving, or extending, and financing the costs of, one or more projects on behalf of the local entity;
(b)
shall be known as the “Local Building Authority of (name of the creating local entity)”; and
(c)
may:
(i)
as provided in this chapter, construct, acquire, improve, or extend, and finance the costs of, one or more projects on behalf of the creating local entity, in order to accomplish the public purposes for which the creating local entity exists; and
(ii)
as provided in 5, issue and sell its bonds for the purpose of paying the costs of constructing, acquiring, improving, or extending a project.
(2)
(a)
Each local building authority shall register and maintain the local building authority’s registration as a limited purpose entity, in accordance with Section 67-1a-15.
(b)
A local building authority that fails to comply with Subsection (2)(a) or Section 67-1a-15 is subject to enforcement by the state auditor, in accordance with Section 67-3-1.
