53B-13-107 - Payment of funds -- Payment on warrants -- Contracts with bondholders -- Security. - Utah Statutes

53B-13-107. Payment of funds -- Payment on warrants -- Contracts withbondholders -- Security.
(1) The funds of the board, except as otherwise authorized or provided in this section, arepaid to the state treasurer.
(2) The moneys in the accounts are paid out on warrants signed by the State Division ofFinance on requisition of the chairman of the board or of a board authorized officer or employee.
(3) The board, subject to the approval of the state treasurer, may contract with the holdersof its bonds as to the custody, collection, securing, investment, and payment of money of theboard or of money held in trust or otherwise for the payment of bonds.
(4) Money held in trust or otherwise for the payment of bonds or to secure bonds anddeposits of the money may be secured in the same manner as money of the board.
(5) Banks and trust companies are authorized to give such security for the deposits.

Enacted by Chapter 167, 1987 General Session