2006 Utah Code - 17A-3-903 — Organization of nonprofit corporation as building authority -- Powers and duties.

     17A-3-903.   Organization of nonprofit corporation as building authority -- Powers and duties.
     (1) The governing body of a public body may organize a nonprofit corporation as the building authority for the public body under this part, following the procedures set out in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, solely for the purpose of accomplishing the public purposes for which the public body exists by acquiring, improving, or extending one or more projects and financing their costs on behalf of the public body. The authority shall be known as the "Municipal Building Authority of (name of public body)." The governing body shall approve the articles of incorporation and bylaws of the authority and shall act as the members of the board of trustees of the authority. The articles of incorporation and bylaws shall provide that members of the board of trustees of the authority may be removed and replaced by the governing authority at any time in its discretion. The governing body may, at its sole discretion and at any time, alter or change the structure, organization, programs, or activities of the building authority, subject to the rights of holders of the authority's bonds and parties to its other obligations.
     (2) Each building authority is authorized to acquire, improve, or extend one or more projects and to finance their costs on behalf of the public body that created it, in accordance with the procedures and subject to the limitations of this part, in order to accomplish the public purposes for which the public body exists.
     (3) Except as limited by Subsection (4), a building authority may contract for or employ all staff and other personnel necessary for the purpose of performing its functions and activities, including contracting with the public body that created it to utilize the personnel, property, or facilities of the public body for that purpose, and may include the costs of the contracted services and employed staff and personnel in the rentals and charges payable to it under leases or agreements between it and the public body.
     (4) (a) With respect to any public body that creates a building authority and which has an elected attorney or auditor, or both, the elected attorney shall be the legal advisor to and provide all legal services for the authority, and the elected auditor shall provide all accounting and auditing services for the authority. The authority shall reimburse the public body for legal, accounting, and auditing services so furnished by the public body, based upon the actual cost of the services including reasonable amounts allocated by the public body for overhead, employee fringe benefits, and general and administrative expenses.
     (b) The provisions of this Subsection (4) shall not prevent the building authority from obtaining accounting or auditing services from outside accountants or auditors with the consent of the elected auditor and the governing body or from obtaining legal services from outside attorneys with the consent of the elected attorney and the governing body, nor shall the provisions of this Subsection (4) prevent the authority from obtaining the opinions of outside attorneys or accountants which are necessary for the issuance of the bonds of the authority.
     (c) Except those services that are paid for from bond proceeds, the building authority may include the cost of legal, accounting, and auditing services in the rentals and charges payable to it under leases or agreements between it and the public body.

Amended by Chapter 300, 2000 General Session