63C-7-304 - Reserve funds for debt service. - Utah Statutes

63C-7-304. Reserve funds for debt service.
(1) To assure the continued operation and solvency of the Utah Communications AgencyNetwork for the carrying out of its purpose, the Utah Communications Agency Network mayestablish reserve funds necessary to secure the payment of debt service on its bonds.
(2) The resolution authorizing the issuance of the bonds shall specify the minimumamount that is required to be on deposit in the reserve funds.
(3) The chair shall annually, on or before December 1, certify to the governor, thedirector of finance, and to each member the amount, if any, required to restore the funds to theirrequired funding levels.
(4) (a) The governor may request from the Legislature an appropriation of the amountcertified in Subsection (3) to restore the reserve funds to their required funding levels or to meetany projected principal or interest payment deficiency. Any amount appropriated shall be repaidto the General Fund of the state in excess of the amounts which the executive committeedetermines will keep it self-supporting.
(b) The executive committee shall adjust the fees of the members so that the state isrepaid for the amount appropriated in Subsection (4)(a) within 18 months after the state has paidthe deficit.
(5) The members are jointly responsible for 1/2 the amount certified in Subsection (3) torestore the reserve funds to their required funding levels. The executive committee may requestfrom each member money proportionate to their participation in the network to restore thefunding level. Any amount paid by the members shall be proportionally repaid to them from 1/2of any money in excess of the amounts which the executive committee determines will keep itself-supporting.

Enacted by Chapter 136, 1997 General Session