11-32-8 - Dissolution of financing authority. - Utah Statutes

11-32-8. Dissolution of financing authority.
(1) The governing body of a county may at any time dissolve a financing authoritycreated by the county in the manner then provided in Title 16, Chapter 6a, Utah RevisedNonprofit Corporation Act, subject to the limitations of this chapter.
(2) A financing authority may not be dissolved unless all outstanding bonds and otherobligations of the authority are paid in full as to principal, interest, and redemption premiums, ifany, or unless provision for the payment of them when due has been made.
(3) Upon the dissolution of a financing authority all assets and money of the authorityremaining after a provision has been made for the payment of all outstanding bonds andobligations of the authority shall be transferred to the participant members as described inSection 11-32-15 or as agreed upon between the county and the other participant members.

Amended by Chapter 300, 2000 General Session