All money belonging to a public power entity in connection with common facilities, including the proceeds of the sale of bonds and the revenues arising from the operation of common facilities:
(1)
may be deposited in a bank or trust company doing business within or without the state; and
Terms Used In Utah Code 54-9-107
Common facilities: means all works and facilities:
(a)
owned or used by two or more public power entities or power utilities; and
(b)
necessary to the generation, transmission, or distribution of electric power and energy. See Utah Code 54-9-102
Public power entity: means :
(a)
a city or town that owns a system for the generation, transmission, or distribution of electric power and energy for public or private use; and
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
(2)
shall be accounted for and disbursed in accordance with applicable law and the provisions of the resolution or indenture authorizing the issuance of the bonds.
Renumbered and Amended by Chapter 286, 2002 General Session
