Section 603 – Lake authority report.
Effective 5/4/2022 11-65-603. Lake authority report. Before November 30 of each year, the board shall present a report to the Executive Appropriations Committee of the Legislature, as the Executive Appropriations Committee directs, that includes: (1) an accounting of how lake authority funds have been spent, including funds spent on the environmental sustainability component of the […]
Section 604 – Audit requirements.
Effective 5/4/2022 11-65-604. Audit requirements. The lake authority shall comply with the audit requirements of Title 51, Chapter 2a, Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act. Enacted by Chapter 59, 2022 General Session
Section 605 – Audit report.
Effective 5/4/2022 11-65-605. Audit report. (1) The lake authority shall, within 180 days after the end of the lake authority’s fiscal year, file a copy of the audit report with the county auditor and the state auditor. (2) Each audit report under Subsection (1) shall include: (a) the outstanding principal amount of bonds issued or […]
Section 606 – Lake authority chief financial officer is a public treasurer — Certain lake authority funds are public funds.
Effective 5/4/2022 11-65-606. Lake authority chief financial officer is a public treasurer — Certain lake authority funds are public funds. (1) The lake authority’s chief financial officer: (a) is a public treasurer, as defined in Section 51-7-3; and (b) shall invest the lake authority funds specified in Subsection (2) as provided in that subsection. (2) […]
Section 701 – Dissolution of lake authority — Restrictions — Notice of dissolution — Disposition of lake authority property — Lake authority records — Dissolution expenses.
Effective 5/4/2022 11-65-701. Dissolution of lake authority — Restrictions — Notice of dissolution — Disposition of lake authority property — Lake authority records — Dissolution expenses. (1) The lake authority may not be dissolved unless the lake authority has no outstanding bonded indebtedness, other unpaid loans, indebtedness, or advances, and no legally binding contractual obligations […]
Section 404 – Amendment to a project area plan.
Effective 5/4/2022 11-65-404. Amendment to a project area plan. (1) The lake authority may amend a project area plan by following the same procedure under this part as applies to the adoption of a project area plan. (2) The provisions of this part apply to the lake authority’s adoption of an amendment to a project […]
Section 405 – Project area budget.
Effective 5/4/2022 11-65-405. Project area budget. (1) Before the lake authority may use authority funds to implement the management plan, the authority board shall prepare and adopt a project area budget. (2) The lake authority board may amend an adopted project area budget as and when the lake authority board considers an amendment appropriate. (3) […]
Section 501 – Resolution authorizing issuance of lake authority bonds — Characteristics of bonds — Time limit for contesting bonds.
Effective 5/4/2022 11-65-501. Resolution authorizing issuance of lake authority bonds — Characteristics of bonds — Time limit for contesting bonds. (1) The lake authority may not issue bonds under this part unless the board first: (a) adopts a parameters resolution for the bonds that sets forth: (i) the maximum: (A) amount of bonds; (B) term; […]
Section 502 – Sources from which bonds may be made payable — Lake authority powers regarding bonds.
Effective 5/4/2022 11-65-502. Sources from which bonds may be made payable — Lake authority powers regarding bonds. (1) The principal and interest on bonds issued by the lake authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income and revenues of […]
Section 503 – Purchase of lake authority bonds.
Effective 5/4/2022 11-65-503. Purchase of lake authority bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by the lake authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to […]