2006 Utah Code - 53A-20a-107 — Disposition and use of income from operation of buildings -- Payment of principal and interest on bonds.

     53A-20a-107.   Disposition and use of income from operation of buildings -- Payment of principal and interest on bonds.
     (1) Except for the revenues paid directly to a trustee under Section 53A-20a-104, all income and revenues from the operation of the projects under this chapter shall be deposited as collected in a fund established in compliance with the State Money Management Act of 1974.
     (2) (a) These moneys are for the payment of the principal and interest on the bonds authorized under this chapter.
     (b) They shall also be used, to the extent provided in the resolution authorizing the bonds, to pay for the cost of maintaining and operating the project and to establish reserves for that purpose.
     (3) The board's treasurer or other designated fiscal officer shall, not less than 15 days prior to the date interest and principal payments are due, transmit to the paying agent sufficient money from the fund to pay the obligation.

Enacted by Chapter 273, 1993 General Session