Section 101 – Financing of projects or buildings — Issuance of bonds — Sale price determined by board — Payment of bonds — Bonds exempt from income taxation.

Effective 7/1/2017 53B-21-101. Financing of projects or buildings — Issuance of bonds — Sale price determined by board — Payment of bonds — Bonds exempt from income taxation. (1) In order to pay all or part of the cost of the acquisition, purchase, construction, improvement, remodeling, addition to, extension, equipment, and furnishing of any project […]

Section 102 – Bonds do not create state indebtedness — Special obligations — Discharge of bonded indebtedness — Agreements and covenants by the board regarding bonds — Enforcement by court action.

53B-21-102. Bonds do not create state indebtedness — Special obligations — Discharge of bonded indebtedness — Agreements and covenants by the board regarding bonds — Enforcement by court action. (1) (a) The bonds issued under this chapter are not an indebtedness of the state, of the institution for which they are issued, or of the […]

Section 103 – Agreements with federal government for funds.

53B-21-103. Agreements with federal government for funds. The board may enter into an agreement with the federal government in order to obtain funds for the following purposes: (1) to supplement bond proceeds used to pay for the projects referred to in Section 53B-21-101; and (2) to supplement income and revenues which, under this chapter, are […]

Section 104 – Deposit of bond proceeds — Division of Facilities Construction and Management responsibilities and approval.

Effective 5/4/2022 53B-21-104. Deposit of bond proceeds — Division of Facilities Construction and Management responsibilities and approval. (1) The board treasurer or other fiscal officer, with the approval of the state treasurer, deposits the proceeds from the sale of bonds under this chapter into a special Construction Trust Fund Account established in compliance with the […]

Section 105 – Disposition and use of income from operation of buildings — Payment of principal and interest on bonds.

Effective 7/1/2020 53B-21-105. Disposition and use of income from operation of buildings — Payment of principal and interest on bonds. (1) Except for the revenues paid directly to a trustee under Subsection 53B-21-102(3)(f), all income and revenues from the operation of the buildings under this chapter are deposited as collected in a fund established in […]

Section 106 – Examination and certification of bonds by attorney general — Recital of certification — Incontestability of bonds.

53B-21-106. Examination and certification of bonds by attorney general — Recital of certification — Incontestability of bonds. (1) The resolutions and proceedings authorizing the issuance and confirming sale of bonds under this chapter are submitted to the attorney general for examination. (2) When the resolutions and proceedings have been examined and the bonds certified as […]

Section 107 – Investment in bonds by private and public entities — Approval as collateral security.

Effective 5/12/2015 53B-21-107. Investment in bonds by private and public entities — Approval as collateral security. (1) Any bank, savings and loan association, trust, or insurance company organized under the laws of this state or federal law may invest its capital and surplus in bonds issued under this chapter. (2) The officers having charge of […]

Section 108 – Financing project by contract or lease agreement instead of by bond issue — Authority of board — Term of lease — Terms of agreement — Board covenants.

53B-21-108. Financing project by contract or lease agreement instead of by bond issue — Authority of board — Term of lease — Terms of agreement — Board covenants. (1) Whenever the board, by resolution, finds and declares it preferable to acquire a project under this chapter by purchase or lease of the facilities constituting the […]

Section 109 – Student building fees.

53B-21-109. Student building fees. (1) The board issuing bonds under this chapter may impose and collect student building fees from all students in attendance at the institution in behalf of which the bonds are issued. (2) The board may also pledge the fees in the same manner provided for the pledging of other revenues of […]

Section 110 – Refunding bonds — Issuance — Proceeds — Limitations.

53B-21-110. Refunding bonds — Issuance — Proceeds — Limitations. (1) Bonds may be issued under this chapter for the purpose of refunding any bonds previously issued under authority of this chapter, if the bonds to be refunded are due or callable, redeemable, or repurchasable by their terms on or prior to the date that the […]

Section 111 – Authorized loans for acquisition, construction, furnishing, and equipping of projects — Evidence of indebtedness — Provisions — Agreements with lending institutions — Satisfaction and discharge — Exemption from taxation.

53B-21-111. Authorized loans for acquisition, construction, furnishing, and equipping of projects — Evidence of indebtedness — Provisions — Agreements with lending institutions — Satisfaction and discharge — Exemption from taxation. (1) For the purpose of paying all or part of the costs of a project under Section 53B-21-101, the board, on behalf of the institution […]

Section 112 – Financing projects and buildings — Security instruments — Terms.

53B-21-112. Financing projects and buildings — Security instruments — Terms. (1) In connection with the financing of any project or building under this chapter, the board, on behalf of an institution of higher education, may grant a purchase money mortgage, trust deed, or other security device pledging any land, buildings, furnishings, equipment, or other facilities […]

Section 113 – Limitation on issuance of bonds.

Effective 7/1/2020 53B-21-113. Limitation on issuance of bonds. No bonds may be authorized or issued by the board or the board of any institution under this chapter without the prior approval of the Legislature. Amended by Chapter 365, 2020 General Session