| (1) |
The authority shall operate and maintain a scenic and historic railroad in and around the Heber Valley. |
Terms Used In Utah Code 63H-4-106
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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 has perpetual succession as a body politic and corporate and may:
| (a) |
adopt, amend, and repeal rules, policies, and procedures for the regulation of its affairs and the conduct of its business; |
| (b) |
sue and be sued in its own name; |
| (c) |
maintain an office at a place within this state it designates; |
| (d) |
adopt, amend, and repeal bylaws and rules, not inconsistent with this chapter, to carry into effect the powers and purposes of the authority and the conduct of its business; |
| (e) |
purchase, lease, sell, and otherwise dispose of property and rights-of-way; |
| (f) |
employ experts and other professionals it considers necessary; |
| (g) |
employ and retain independent legal counsel; |
| (h) |
make and execute contracts and all other instruments necessary or convenient for the performance of its duties and the exercise of its duties under this chapter to operate and maintain a scenic railroad in and around the Heber Valley; |
| (i) |
procure insurance for liability and against any loss in connection with its property and other assets in amounts and from insurers it considers desirable; |
| (j) |
receive appropriations from the Legislature and receive other public money and accept aid or contributions from any source of money, property, labor, or other things of value to be held, used, and applied to carry out the purposes of this chapter, subject to the conditions upon which the grants and contributions are made, including gifts or grants from any department, agency, or instrumentality of the United States or of this state for any purpose consistent with this chapter; |
| (k) |
enter into agreements with any department, agency, or instrumentality of the United States or this state for the purpose of providing for the operation and maintenance of a scenic railway in and around the Heber Valley; and |
| (l) |
do any act necessary or convenient to the exercise of the powers granted by this chapter. |
|
| (3) |
| (a) |
All money received by the authority under Subsection (2)(j) and from any other source is for the exclusive use of the authority to operate, maintain, improve, and provide for a scenic and historic railway in and around the Heber Valley. |
| (b) |
The money received by the authority may not be used for any other purpose or by any other entity. |
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Renumbered and Amended by Chapter 370, 2011 General Session
