Utah § 11-54-103 Sale of previously purchased item -- Limitations.

Utah Statutes

§ 11-54-103 — Sale of previously purchased item -- Limitations.

Utah·Title 11 Cities, Counties, and Local Taxing Units·Ch. 11-54 Local Government Sale of Procurement Item

A local government entity that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the local government entity paid for the procurement item:

(1)shall require the buyback purchaser to pay cash for the procurement item;

(2)may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the local government entity makes from the buyback purchaser; and

(3)may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.

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A local government entity that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the local government entity paid for the procurement item:
(1) shall require the buyback purchaser to pay cash for the procurement item;
(2) may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the local government entity makes from the buyback purchaser; and
(3) may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.

Utah § 11-54-103 (Sale of previously purchased item -- Limitations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.