2006 Utah Code - 17A-3-902 — Definitions.

     17A-3-902.   Definitions.
     As used in this part:
     (1) "Acquire" means to obtain or gain property of every kind or nature which a public body is authorized or permitted by law to own, possess, or hold or which has or may come into its possession or ownership by any lawful means, including, but not limited to, purchase, lease, rental, sale, contract, exchange, devise, bequest, gift, condemnation, donation, construction, or operation of law.
     (2) "Bonds" means any bonds, notes, or other evidences of indebtedness of a building authority issued under this part.
     (3) "Building authority" or "authority" means a nonprofit corporation organized under this part by a public body as the municipal building authority for that public body solely for the purpose of acquiring, improving, or extending one or more projects and financing the costs of them on behalf of the public body.
     (4) "Capital actually invested" means, with respect to a particular project:
     (a) the principal amount of all outstanding bonds issued to finance the costs of the project, plus interest, premiums, if any, and fees and expenses which must be paid to retire the outstanding bonds, less all amounts in reserves which may be applied to the payment of the outstanding bonds and of these expenses;
     (b) all costs of transferring title to the project to the lessee; and
     (c) all costs of dissolving the building authority, including, but not limited to, all organizational and incorporation expenses, filing fees, carrying charges, legal fees, architects' fees, contractors' fees, financial advisory fees, and all other reasonable costs and expenses incidental thereto.
     (5) "Costs of a project" include:
     (a) the cost of a site or sites;
     (b) the cost of equipment and furnishings;
     (c) the cost of planning and designing a project, including architectural, planning, engineering, legal, and fiscal advisors' fees;
     (d) interest estimated to accrue on bonds during the period of the construction of the project and for 12 months afterwards;
     (e) the cost of issuing bonds to finance the project, including, but not limited to, printing costs, costs of preparing documents, filing and recording fees, costs of legal and other professional services, and costs of underwriting the bonds (including underwriting fees or bond discount); and
     (f) such amounts as the governing authority shall find to be necessary to establish one or more reserve funds and to provide necessary working capital for the project.
     (6) "Governing body" means the council, commission, county legislative body, or board of education of a public body in which the legislative powers of the public body are vested.
     (7) "Leasing contract" means a contract entered into by a public body to lease a project from a building authority for use by the public body under this part.
     (8) "Lessee" means a public body that has entered into a leasing contract with a building authority with respect to a project.
     (9) "Mortgage" means any mortgage, trust deed, indenture, pledge, agreement, assignment, security agreement, financing statement, or other instrument pursuant to which property may be encumbered as security for obligations.

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     (10) "Project" means any improvements, facilities, or properties and appurtenances to them which a public body is authorized or permitted by law to acquire, including, but not limited to, public buildings or other structures of every nature or any joint or partial interest in same, which improvements, facilities, properties, and appurtenances need not be situated within the boundaries of the public body.
     (11) "Public body" means any city, county, or school district existing under the laws of the state of Utah.
     (12) "Site" means the real property on which a particular improvement, facility, or property acquired under this part is located.

Amended by Chapter 12, 1994 General Session