63A-1-112 - Certificates of participation -- Legislative approval required -- Definition -- Exception. - Utah Statutes

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63A-1-112. Certificates of participation -- Legislative approval required --Definition -- Exception.
(1) (a) Certificates of participation for either capital facilities or capital improvementsmay not be issued by the department, its subdivisions, or any other state agency after July 1,1985, without prior legislative approval.
(b) Nothing in this section affects the rights and obligations surrounding certificates ofparticipation that were issued prior to July 1, 1985.
(2) (a) As used in this section, "certificate of participation" means an instrument that actsas evidence of the certificate holder's undivided interest in property being lease-purchased, thepayment on which is subject to appropriation by the Legislature.
(b) (i) For purposes of this Subsection (2)(b), "energy savings agreement" has themeaning as defined in Section 63A-5-701.
(ii) "Certificate of participation" does not include an energy savings agreement.

Amended by Chapter 382, 2008 General Session

State Codes and Statutes

Statutes > Utah > Title-63a > Chapter-01 > 63a-1-112

63A-1-112. Certificates of participation -- Legislative approval required --Definition -- Exception.
(1) (a) Certificates of participation for either capital facilities or capital improvementsmay not be issued by the department, its subdivisions, or any other state agency after July 1,1985, without prior legislative approval.
(b) Nothing in this section affects the rights and obligations surrounding certificates ofparticipation that were issued prior to July 1, 1985.
(2) (a) As used in this section, "certificate of participation" means an instrument that actsas evidence of the certificate holder's undivided interest in property being lease-purchased, thepayment on which is subject to appropriation by the Legislature.
(b) (i) For purposes of this Subsection (2)(b), "energy savings agreement" has themeaning as defined in Section 63A-5-701.
(ii) "Certificate of participation" does not include an energy savings agreement.

Amended by Chapter 382, 2008 General Session

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State Codes and Statutes

Statutes > Utah > Title-63a > Chapter-01 > 63a-1-112

63A-1-112. Certificates of participation -- Legislative approval required --Definition -- Exception.
(1) (a) Certificates of participation for either capital facilities or capital improvementsmay not be issued by the department, its subdivisions, or any other state agency after July 1,1985, without prior legislative approval.
(b) Nothing in this section affects the rights and obligations surrounding certificates ofparticipation that were issued prior to July 1, 1985.
(2) (a) As used in this section, "certificate of participation" means an instrument that actsas evidence of the certificate holder's undivided interest in property being lease-purchased, thepayment on which is subject to appropriation by the Legislature.
(b) (i) For purposes of this Subsection (2)(b), "energy savings agreement" has themeaning as defined in Section 63A-5-701.
(ii) "Certificate of participation" does not include an energy savings agreement.

Amended by Chapter 382, 2008 General Session