Utah § 17D-2-701 Local entity governing body may dissolve local building authority -- Limitation.

Utah Statutes

§ 17D-2-701 — Local entity governing body may dissolve local building authority -- Limitation.

Utah·Title 17D Limited Purpose Local Government Entities - Other Entities·Ch. 17D-2 Local Building Authority Act·Part 17D-2-7 Dissolution of Local Building Authority

(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:

(2)(a) (2)(a)(i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and

(2)(a)(ii) all other obligations of the local building authority are paid in full; or

(2)(b) the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).

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(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:

(2)(a) (2)(a)(i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and
(2)(a)(ii) all other obligations of the local building authority are paid in full; or
(2)(b) the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).

Utah § 17D-2-701 (Local entity governing body may dissolve local building authority -- Limitation.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.