17D-2-701 - Local entity governing body may dissolve local building authority -- Limitation. - Utah Statutes

17D-2-701. Local entity governing body may dissolve local building authority --Limitation.
(1) Subject to Subsection (2), the governing body of the creating local entity may at anytime dissolve a local building authority created by the creating local entity, by following theprocedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, for the dissolutionof a nonprofit corporation.
(2) A creating local entity's governing body may not dissolve a local building authorityunless:
(a) (i) the principal, interest, and any redemption premium on all outstanding bonds ofthe local building authority are paid in full; and
(ii) all other obligations of the local building authority are paid in full; or
(b) the local building authority has made provision for the payment, when due, of allbond and other obligations described in Subsection (2)(a).

Enacted by Chapter 360, 2008 General Session