53B-21-104 - Deposit of bond proceeds -- State Building Board responsibilities -- Approval of Division of Facilities Construction and Management. - Utah Statutes

53B-21-104. Deposit of bond proceeds -- State Building Board responsibilities --Approval of Division of Facilities Construction and Management.
(1) The State Board of Regents' treasurer or other fiscal officer, with the approval of thestate treasurer, deposits the proceeds from the sale of bonds under this chapter into a specialConstruction Trust Fund Account established in compliance with the State Money ManagementAct of 1974.
(2) The proceeds are credited to the board on behalf of the institution of higher educationfor which the bonds were issued.
(3) The proceeds are kept in a separate fund and used solely for the purpose for whichthey were authorized by the board.
(4) The State Building Board makes all contracts and executes all instruments which itconsiders necessary to provide for the projects referred to in Section 53B-21-101.
(5) The proceeds in the special Construction Trust Fund Account shall be disbursed onlyupon receipt of written statements supported by itemized estimates and claims presented to theDivision of Facilities Construction and Management as provided in the resolution authorizing theissuance of the bonds.

Enacted by Chapter 167, 1987 General Session