63H-2-204 - Dissolution of authority. - Utah Statutes

63H-2-204. Dissolution of authority.
(1) Subject to the other provisions of this section, the board may dissolve the authority:
(a) if the board determines that the authority can no longer comply with the requirementsof this chapter; and
(b) by a vote of at least five members of the board.
(2) The authority may not be dissolved if the authority has any of the following:
(a) an outstanding bonded indebtedness;
(b) an unpaid loan, indebtedness, or advance; or
(c) a legally binding contractual obligation with a person other than the state.
(3) Upon the dissolution of the authority:
(a) the Governor's Office of Economic Development shall publish a notice of dissolution:
(i) in a newspaper of general circulation in each county in which a qualifyingtransmission project is located; and
(ii) electronically, in accordance with Section 45-1-101;
(b) the authority shall deposit its records with the state auditor, to be retained for the timeperiod determined by the state auditor; and
(c) the assets of the authority shall revert to the state.
(4) The authority shall pay the expenses of dissolution and winding up the affairs of theauthority.
(5) If a dissolution under this section is part of a privatization of the authority, thedissolution is subject to Title 63E, Chapter 1, Part 4, Privatization of Independent Entities.

Amended by Chapter 90, 2010 General Session