2006 Utah Code - 17A-3-912 — Dissolution.

     17A-3-912.   Dissolution.
     (1) The governing body of a public body may at any time dissolve a building authority created by the public body in the manner then provided in the Utah Nonprofit Corporation and Cooperative Association Act, subject to the limitations of this part.
     (2) A building authority may not be dissolved unless all outstanding bonds and other obligations of the authority are paid in full as to principal, interest, and redemption premiums, if any, or unless provision for the payment of same when due has been made.
     (3) Upon the dissolution of a building authority:
     (a) title to all projects shall vest in the lessee of these projects; and
     (b) all assets and net earnings of the authority remaining after a provision has been made for the payment of all outstanding bonds and obligations of the authority shall be transferred to the public body.

Renumbered and Amended by Chapter 186, 1990 General Session