State Codes and Statutes

Statutes > Utah > Title-17d > Chapter-02 > 17d-2-102

17D-2-102. Definitions.
As used in this chapter:
(1) "Authority board" means the board of directors of a local building authority, asdescribed in Section 17D-2-203.
(2) "Bond" includes a bond, note, or other instrument issued under this chapterevidencing an indebtedness of a local building authority.
(3) "Creating local entity" means the local entity that creates or created the local buildingauthority.
(4) "Governing body" means:
(a) for a county, city, or town, the legislative body of the county, city, or town;
(b) for a school district, the local school board for the school district;
(c) for a local district, the local district's board of trustees; and
(d) for a special service district, the special service district's governing body, as definedin Section 17D-1-102.
(5) "Local building authority":
(a) means a nonprofit corporation that is:
(i) created as provided in Section 17D-2-201;
(ii) described in Section 17D-2-103; and
(iii) subject to and governed by the provisions of this chapter; and
(b) includes a nonprofit corporation created as a municipal building authority before May5, 2008 under the law then in effect.
(6) "Local district" has the same meaning as provided in Section 17B-1-102.
(7) "Local entity" means a county, city, town, school district, local district, or specialservice district.
(8) "Mortgage" means any instrument under which property may be encumbered assecurity for an obligation, including a mortgage, trust deed, indenture, pledge, assignment,security agreement, and financing statement.
(9) "Project" means an improvement, facility, property, or appurtenance to property that alocal entity is permitted under law to own or acquire, whether located inside or outside the localentity's boundary, including:
(a) a public building or other structure of any kind; and
(b) a joint or partial interest in the improvement, facility, property, or appurtenance toproperty.
(10) "Project costs":
(a) means all costs incurred in the development of a project; and
(b) includes:
(i) organizational and incorporation fees, including filing, legal, and financial advisorfees;
(ii) the cost of a site for the project;
(iii) the cost of equipment and furnishings for the project;
(iv) the cost of planning and designing the project, including architectural, planning,engineering, legal, and fiscal advisor fees;
(v) contractor fees associated with the project;
(vi) the cost of issuing local building authority bonds to finance the project, includingprinting costs, document preparation costs, filing fees, recording fees, legal and other

professional fees, underwriting costs, bond discount costs, any premium on the bonds, and anyfees required to be paid to retire outstanding bonds;
(vii) interest on local building authority bonds issued to finance the project;
(viii) carrying costs;
(ix) interest estimated to accrue on local building authority bonds during the period ofconstruction of the project and for 12 months after;
(x) any amount the governing body finds necessary to establish one or more reservefunds;
(xi) any amount the governing body finds necessary to provide working capital for theproject;
(xii) all costs of transferring title of the project to the creating local entity;
(xiii) all costs of dissolving the local building authority; and
(xiv) all other reasonable costs associated with the project.
(11) "Special service district" has the same meaning as provided in Section 17D-1-102.

Enacted by Chapter 360, 2008 General Session