Effective 5/14/2019 53G-5-602. Utah Charter School Finance Authority created — Members — Compensation — Services. (1) There is created a body politic and corporate known as the Utah Charter School Finance Authority. The authority is created to provide an efficient and cost-effective method of financing charter school facilities. (2) The governing board of the authority […]
Effective 1/24/2018 53G-5-603. 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 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; (d) […]
Effective 1/24/2018 53G-5-604. Limited obligations. Except as provided in Section 53G-5-607, 53G-5-608, or 53G-5-609, bonds, notes, and other obligations issued by the authority: (1) do not constitute a debt, moral obligation, or liability of the state, or of any county, city, town, school district, or any other political subdivision of the state; (2) do not […]
Effective 1/24/2018 53G-5-605. State to succeed to property of authority when encumbrances paid or authority dissolved. (1) If the authority is dissolved at any time, for any reason, all funds, property, rights, and interests of the authority, following the satisfaction of the authority’s obligations, shall immediately vest in and become the property of the state, […]
Effective 1/24/2018 53G-5-606. Charter School Credit Enhancement Program — Standards for the designation of qualifying charter schools — Debt service reserve fund requirements. (1) There is created the Charter School Credit Enhancement Program to assist qualifying charter schools in obtaining favorable financing by providing a means of replenishing a qualifying charter school’s debt service reserve […]
Effective 1/24/2018 53G-5-607. Charter School Reserve Account contribution requirements for qualifying charter schools. (1) When bonds are issued under the credit enhancement program for a qualifying charter school, the qualifying charter school shall contribute money to the reserve account in the amount determined as provided in Subsection (2). (2) The authority shall determine the up-front […]
Effective 1/24/2018 53G-5-608. Bond issuance. (1) (a) The state may not alter, impair, or limit the rights of bondholders or persons contracting with a qualifying charter school until the bonds, including interest and other contractual obligations, are fully met and discharged. (b) Nothing in this part precludes an alteration, impairment, or limitation if provision is […]
Effective 1/24/2018 53G-5-609. Limitation on participation in Charter School Credit Enhancement Program. (1) In accordance with Subsection (2), on or before January 1 of each year, the authority shall determine the credit enhancement program’s bond issuance limitation. (2) The authority may not issue bonds for a qualifying charter school under the credit enhancement program if […]
