17D-2-701. Local entity governing body may dissolve local building authority -- Limitation.
147 words·~1 min read·
/ut/title-17d/chapter-2/17d-2-701A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17D-2-701. Local entity governing body may dissolve local building authority -- Limitation.
(1)Subject to Subsection
(2), the governing body of the creating local entity may at any time dissolve a local building authority created by the creating local entity, by following the procedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act , for the dissolution of a nonprofit corporation.
(2)A creating local entity's governing body may not dissolve a local building authority unless:
(i)the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and
(ii)all other obligations of the local building authority are paid in full; or
(b)the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a) .
Enacted by Chapter 360 , 2008 General Session