63B-1-305. Powers and duties of authority.

430 words·~2 min read·/ut/title-63b/chapter-1/63b-1-305·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/4/2022

(1)The authority shall have perpetual succession as a body politic and corporate.

(2)The authority may:

(a)sue and to 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)with the prior approval of the Legislature, borrow money and issue obligations, including refunding obligations;

(e)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 this aid and contributions are made, for any purpose consistent with this part;

(f)enter into agreements with any department, agency or instrumentality of the United States or this state, financial institutions, or contractors for the purpose of leasing, maintaining, and operating any facility;

(g)to the extent permitted under its contract with the holders of its obligations, consent to any modification relating to rate of interest, time and payment of any installment of principal or interest, security or any other term of any contract, mortgage, mortgage loan, mortgage loan commitment, contract or agreement of any kind to which it is a party;

(h)pledge revenues from any facility to secure the payment of obligations relating to that facility, including interest on obligations, and to redeem those obligations;

(i)cause to be executed mortgages, trust deeds, indentures, pledge agreements, assignments, security agreements, and financing statements encumbering property acquired, or constructed under this part;

(j)own, lease, operate, and encumber facilities acquired or constructed under this chapter by it or the division;

(k)exercise the power of eminent domain;

(l)rent or lease any facility in whole or in part to any state body; and

(m)have and exercise any other powers or duties that are necessary or appropriate to carry out and effectuate the purposes of this part.

(a)The authority shall submit an annual written report of the authority's proceedings to the State Finance Review Commission created in Section 63C-25-201 .

(b)The report shall include:

(i)a description of any outstanding money borrowed and obligations issued by the authority, including loan amounts, terms, and security;

(ii)facilities funded by the actions of the authority; and

(iii)an explanation of why the financing terms and obligations used for a facility are appropriate and in the best interest of the state.

Amended by Chapter 207 , 2022 General Session