2006 Utah Code - 63A-1-112 — Certificates of participation -- Legislative approval required -- Definition -- Exception.

     63A-1-112.   Certificates of participation -- Legislative approval required -- Definition -- Exception.
     (1) (a) Certificates of participation for either capital facilities or capital improvements may not be issued by the department, its subdivisions, or any other state agency after July 1, 1985, without prior legislative approval.
     (b) Nothing in this section affects the rights and obligations surrounding certificates of participation that were issued prior to July 1, 1985.
     (2) (a) As used in this section, "certificate of participation" means an instrument that acts as evidence of the certificate holder's undivided interest in property being lease-purchased, the payment on which is subject to appropriation by the Legislature.
     (b) (i) For purposes of this Subsection (2)(b), "energy savings agreement" has the meaning as defined in Section 63-9-67.
     (ii) "Certificate of participation" does not include an energy savings agreement.

Amended by Chapter 24, 1999 General Session