The authority shall have perpetual succession as a body politic and corporate.
Terms Used In Utah Code 53G-5-603
Authority: means the Utah Charter School Finance Authority created by this part. See Utah Code 53G-5-601
Charter school: means a school created under this chapter. See Utah Code 53G-5-601
Credit enhancement program: means the Charter School Credit Enhancement Program established in Section 53G-5-606. See Utah Code 53G-5-601
Project: means :
(a)
any building, structure, or property owned, to be acquired, or used by a charter school for any of its educational purposes and the related appurtenances, easements, rights-of-way, improvements, paving, utilities, landscaping, parking facilities, and lands; or
(b)
any capital equipment owned, to be acquired, or used by a charter school for any of its educational purposes, interests in land, and grounds, together with the personal property necessary, convenient, or appurtenant to them. See Utah Code 53G-5-601
Qualifying charter school: means a charter school that:
(a)
meets standards adopted by the authority for participation in the credit enhancement program; and
(b)
is designated by the authority as a qualifying charter school for purposes of participation in the credit enhancement program. See Utah Code 53G-5-601
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
(2)
The authority may:
(a)
sue and be sued in its own name;
(b)
have, and alter at will, an official seal;
(c)
contract with experts, advisers, consultants, and agents for needed services;
(d)
receive and accept aid or contributions from any source, including the United States or this state, in the form of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this part, subject to the conditions upon which the aid and contributions are made, for any purpose consistent with this part;
(e)
exercise the powers granted to municipalities and counties pursuant to Title 11, Chapter 17, Utah Industrial Facilities and Development Act, including the power to borrow money and issue obligations, including refunding obligations, subject to the same limitations as that imposed on a municipality or county under the act, except:
(i)
the authority may only exercise powers under the act to finance or refinance a project as defined in Section 53G-5-601; and
(ii)
the authority’s area of operation shall include all areas of the state;
(f)
employ advisers, consultants, and agents, including financial experts, independent legal counsel, and any advisers, consultants, and agents as may be necessary in its judgment and fix their compensation;
(g)
make and execute contracts and other instruments necessary or convenient for the performance of its duties and the exercise of its powers and functions;
(h)
in accordance with Section 53G-5-606, designate a charter school as a qualifying charter school for purposes of participation in the credit enhancement program; and
(i)
have and exercise any other powers or duties that are necessary or appropriate to carry out and effectuate the purposes of this part.
(3)
Except as provided in Section 53G-5-607, 53G-5-608, or 53G-5-609, the Utah Charter School Finance Authority may not exercise power in any manner which would create general or moral obligations of the state or of any agency, department, or political subdivision of the state.
Renumbered and Amended by Chapter 3, 2018 General Session
