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 505 – Obligee rights — Board may confer other rights.
Effective 5/4/2022 11-65-505. Obligee rights — Board may confer other rights. (1) In addition to all other rights that are conferred on an obligee of a bond issued by the lake authority under this part, and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit, action, or other proceeding, […]
Section 506 – Bonds exempt from taxes — Lake authority may purchase its own bonds.
Effective 5/4/2022 11-65-506. Bonds exempt from taxes — Lake authority may purchase its own bonds. (1) A bond issued by the lake authority under this part is issued for an essential public and governmental purpose and is, together with interest on and income from the bond, exempt from all state taxes except the corporate franchise […]
Section 601 – Annual lake authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file annual budget.
Effective 5/4/2022 11-65-601. Annual lake authority budget — Fiscal year — Public hearing required — Auditor forms — Requirement to file annual budget. (1) The board shall prepare and adopt for the lake authority an annual budget of revenues and expenditures for each fiscal year. (2) An annual lake authority budget shall be adopted before […]
Section 602 – Amending the lake authority annual budget.
Effective 5/4/2022 11-65-602. Amending the lake authority annual budget. (1) The board may by resolution amend an annual lake authority budget. (2) An amendment of the annual lake authority budget that would increase the total expenditures may be made only after a public hearing following notice published as required for initial adoption of the annual […]
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 […]