Utah Code 53B-21-105. Disposition and use of income from operation of buildings — Payment of principal and interest on bonds

(1)	Except for the revenues paid directly to a trustee under Subsection 53B-21-102(3)(f), all income and revenues from the operation of the buildings under this chapter are deposited as collected in a fund established in compliance with the State Money Management Act.

Board: means the Utah Board of Higher Education described in Section 53B-1-402. See Utah Code 53B-1-101.5
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
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
Trustee: A person or institution holding and administering property in trust.

(2)

(a)	This money is for the payment of the principal and interest on the bonds authorized under this chapter.

(b)	The money shall also be used, to the extent provided in the resolution authorizing the bonds, to pay for the cost of maintaining and operating the building and to establish reserves for that purpose.

(3)	The board treasurer or other designated fiscal officer shall, not less than 15 days prior to the date interest and principal payments are due, transmit to the paying agent sufficient money from the fund to pay the obligation.

Amended by Chapter 365, 2020 General Session