63B-1-302. Legislative findings. The Legislature finds and declares as follows: (1) it is the policy of this state to provide office space and related facilities for state bodies and such other governmental facilities and property, including highways and highway rights-of-way, as may be necessary or desirable, in the most efficient and economical way possible; (2) […]
Effective 5/4/2022 63B-1-304. State Building Ownership Authority created — Members — Compensation — Location in Department of Administrative Services. (1) There is created a body politic and corporate to be known as the State Building Ownership Authority composed of: (a) the governor; (b) the state treasurer; and (c) the executive director of the Department of […]
Effective 5/4/2022 63B-1-305. Powers and duties of authority. (1) The authority shall have perpetual succession as a body politic and corporate. (2) The authority may: (a) sue and to be sued in its own name; (b) have, and alter at will, an official seal; (c) contract with experts, advisers, consultants, and agents for needed services; […]
Effective 5/5/2021 63B-1-306. Obligations issued by authority — Limitation of liability on obligations — Limitation on amount of obligations issued. (1) (a) All obligations issued by the authority under this part shall be limited obligations of the authority and may not constitute, nor give rise to, a general obligation or liability of, nor a charge […]
63B-1-307. Lease of facilities to state bodies — Rental. (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) […]
63B-1-308. Payment of obligations out of rentals — Other governmental entities not liable for payment — Appropriations for increased rentals — Defaulting bodies to quit premises. (1) Except as secured as provided in this part: (a) each obligation issued or caused to be issued by the authority, and the interest on that obligation, is payable […]
63B-1-309. Securing of obligations — Provisions in mortgages given as security — Procedure upon default. (1) The principal and interest on any obligation issued under this part: (a) shall be secured by a pledge and assignment of the revenues out of which that obligation shall be made payable; (b) may be secured by a mortgage […]
63B-1-310. Proceeds from sale of obligations — Use. (1) The proceeds from the sale of obligations issued under this part may be applied only for the purposes for which the obligations were issued. (2) Any accrued interest and premium received upon the sale, and any portion of the proceeds that may not be needed for […]
63B-1-311. Cost of acquiring or constructing facility. The cost of acquiring or constructing any facility shall be considered to include the following: (1) the actual cost of acquiring or improving real estate; (2) the actual cost of enlarging, constructing, reconstructing, improving, replacing, restoring, renovating, maintaining, equipping, or furnishing all or any part of a facility, […]
63B-1-312. Signature of former member or officer of authority — Continuing validity. If any of the members or officers of the authority no longer occupy their position at the time of the delivery of any obligations signed by them, their signatures or facsimiles of their signatures are valid and sufficient for all purposes, as if […]
63B-1-313. Negotiability of obligations — Registration. All obligations of the authority are negotiable instruments within the meaning of, and for all purposes of Title 70A, Uniform Commercial Code, subject only to any provisions of those obligations relating to registration. Renumbered and Amended by Chapter 86, 2003 General Session
63B-1-314. Person executing obligations not personally liable. No person executing any obligations issued under this part is subject to personal liability or accountability because of the issuance. Renumbered and Amended by Chapter 86, 2003 General Session
63B-1-315. Tax exemption. (1) All property acquired or held by the authority under this part is declared to be public property used for essential public and governmental purposes. (2) All property and income from it, and all obligations issued under this part, the interest payable on them, and income derived from them, are exempt from […]
63B-1-316. Obligations as legal investments — Deposit of obligations. (1) The obligations issued under this part are securities in which all persons and organizations authorized to invest in any obligations of this state may properly and legally invest any funds, including capital belonging to them or within their control. (2) These obligations are also declared […]
63B-1-317. Publication of resolution or other proceeding — Contest of proceedings — Mandamus to compel official to sign obligations. (1) The authority may provide for the publication of any resolution it adopts for the authorization of obligations under this part: (a) in one issue of a newspaper having general circulation in this state; and (b) […]
63B-1-318. Division duties — Reimbursement. (1) The division shall: (a) construct, maintain, allocate the space in, and dispose of all facilities acquired or constructed for the authority with the proceeds of obligations of the authority; and (b) do all things necessary to keep those facilities in good order and repair. (2) The division may perform […]
63B-1-319. Legal, accounting, and auditing services. (1) The attorney general shall provide all legal services, and the state auditor shall provide all accounting and auditing services, required by the authority, without reimbursement from that authority. (2) Subsection (1) does not apply to attorneys’ or accountants’ opinions required for the issuance of any obligations. (3) The […]
63B-1-320. State to succeed to property of authority when encumbrances paid or authority dissolved. (1) Each facility shall immediately vest in and become the property of this state when the obligations encumbering it are paid. (2) If the authority is dissolved at any time, for any reason, all property of the authority shall immediately vest […]
63B-1-321. Validation of prior obligations. All obligations issued by the authority before the effective date of this part and all proceedings had in the authorization and issuance of these obligations and all agreements with respect to them and the security for them are: (1) validated, ratified, and confirmed; and (2) all these obligations, agreements, and […]
