(1)  Subject to Subsection (2), the governing body of the creating local entity may at any time dissolve a local building authority created by the creating local entity, by following the procedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, for the dissolution of a nonprofit corporation.

Terms Used In Utah Code 17D-2-701

  • Bond: includes a bond, note, or other instrument issued under this chapter evidencing an indebtedness of a local building authority. See Utah Code 17D-2-102
  • 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.
  • Creating local entity: means the local entity that creates or created the local building authority. See Utah Code 17D-2-102
  • Governing body: means :
(a) for a county, city, or town, the legislative body of the county, city, or town;
(b) for a school district, the local school board for the school district;
(c) for a special district, the special district's board of trustees; and
(d) for a special service district, the special service district's governing body, as defined in Section 17D-1-102. 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
    • (2)  A creating local entity’s governing body may not dissolve a local building authority unless:

    (a) 

    (i)  the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and

    (ii)  all other obligations of the local building authority are paid in full; or

    (b)  the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).

    Enacted by Chapter 360, 2008 General Session

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