Terms Used In Utah Code > Title 10 > Chapter 2a > Part 1 - General Provisions

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bonds: means bonds, notes, or other evidences of indebtedness. See Utah Code 11-17-2
• City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
• Contact sponsor: means the person designated in the feasibility request as the contact sponsor under Subsection 10-2a-202(2)(d). See Utah Code 10-2a-102
• Contiguous: means , except as provided in Subsection (1)(b)(ii), the same as that term is defined in Section 10-1-104. See Utah Code 10-2a-102
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Devise: To gift property by will.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Feasibility request: means a request, described in Section 10-2a-202, for a feasibility study for the proposed incorporation of a municipality. See Utah Code 10-2a-102
• financing: includes the issuing of bonds by a municipality, county, or state university for the purpose of using a portion, or all or substantially all of the proceeds to pay for or to reimburse the user, lender, or the user or lender's designee for the costs of the acquisition of facilities of a project, or to create funds for the project itself where appropriate, whether these costs are incurred by the municipality, the county, the state university, the user, or a designee of the user. See Utah Code 11-17-2
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing body: means :

  (a)	for a county, city, town, or metro township, the legislative body of the county, city, town, or metro township;

  (b)	for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;

  (c)	for a state university except as provided in Subsection (4)(d), the board or body having the control and supervision of the state university; and

  (d)

  for a nonprofit corporation or foundation created by and operating under the auspices of a state university, the board of directors or board of trustees of that corporation or foundation. See Utah Code 11-17-2 Industrial park: includes the development of the land for an industrial park under this chapter or the acquisition and provision of water, sewerage, drainage, street, road, sidewalk, curb, gutter, street lighting, electrical distribution, railroad, or docking facilities, or any combination of them, but only to the extent that these facilities are incidental to the use of the land as an industrial park. See Utah Code 11-17-2 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Land: includes :Utah Code 68-3-12.5 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 Municipal: means of or relating to a municipality. See Utah Code 10-1-104 Municipality: means any incorporated city, town, or metro township in the state, including cities or towns operating under home rule charters. See Utah Code 11-17-2 Municipality: means : (a)  a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class; (b)  a town, as classified in Section 10-2-301; or (c)  a metro township as that term is defined in Section 10-2a-403 unless the term is used in the context of authorizing, governing, or otherwise regulating the provision of municipal services. See Utah Code 10-1-104 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. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, corporation, partnership, organization, association, trust, governmental agency, or any other legal entity. See Utah Code 10-1-104 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Project: means : (i)  an industrial park, land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, whether or not in existence or under construction: (A)  that is suitable for industrial, manufacturing, warehousing, research, business, and professional office building facilities, commercial, shopping services, food, lodging, low income rental housing, recreational, or any other business purposes; (B)  that is suitable to provide services to the general public; (C)  that is suitable for use by any corporation, person, or entity engaged in health care services, including hospitals, nursing homes, extended care facilities, facilities for the care of persons with a physical or mental disability, and administrative and support facilities; or (D)  that is suitable for use by a state university for the purpose of aiding in the accomplishment of its authorized academic, scientific, engineering, technical, and economic development functions; (ii)  any land, interest in land, building, structure, facility, system, fixture, improvement, appurtenance, machinery, equipment, or any combination of them, used by any individual, partnership, firm, company, corporation, public utility, association, trust, estate, political subdivision, state agency, or any other legal entity, or its legal representative, agent, or assigns, for the reduction, abatement, or prevention of pollution, including the removal or treatment of any substance in process material, if that material would cause pollution if used without the removal or treatment; (iii)  an energy efficiency upgrade; (iv)  a renewable energy system; (v)  facilities, machinery, or equipment, the manufacturing and financing of which will maintain or enlarge domestic or foreign markets for Utah industrial products; or (vi)  any economic development or new venture investment fund to be raised other than from: (A)  municipal or county general fund money; (B)  money raised under the taxing power of any county or municipality; or (C)  money raised against the general credit of any county or municipality. See Utah Code 11-17-2 Property: includes both real and personal property. See Utah Code 68-3-12.5 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. 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 State university: means an institution of higher education as described in Section 53B-2-101 and includes any nonprofit corporation or foundation created by and operating under their authority. See Utah Code 11-17-2 Town: means a municipality classified by population as a town under Section 10-2-301. See Utah Code 10-1-104 User: means the person, whether natural or corporate, who will occupy, operate, maintain, and employ the facilities of, or manage and administer a project after the financing, acquisition, or construction of it, whether as owner, manager, purchaser, lessee, or otherwise. See Utah Code 11-17-2 Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.