63B-1-307. Lease of facilities to state bodies -- Rental.

196 words·~1 min read·/ut/title-63b/chapter-1/63b-1-307

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

(1)The authority and state bodies shall enter into leases or agreements for the use and occupancy of any portion of any facility constructed or acquired under this part.

(2)The leases or agreements may provide for the operation, maintenance, and insurance of the facility.

(3)The leases and agreements shall provide that:

(a)the rental to be paid annually by each state body to the authority for the use and occupancy is in proportion to the space occupied in the facility by that state body;

(b)those rentals shall be in an amount sufficient to completely pay all principal and interest on those obligations as they come due; and

(c)those rentals may include:

(i)the cost of maintenance, operation, and insurance of those facilities;

(ii)the expenses of the authority in administering the facilities under this part;

(iii)amounts needed to provide reserves to secure obligations, to maintain, repair, renovate, reconstruct, or replace those facilities; and

(iv)any other reserves and funds that the authority considers necessary or advisable in order to sell its obligations.

Renumbered and Amended by Chapter 86 , 2003 General Session