State Codes and Statutes
Statutes > Utah > Title-63m > Chapter-01 > 63m-1-30363M-1-303. Board duties and powers.
(1) The board shall:
(a) promote and encourage the economic, commercial, financial, industrial, agricultural,and civic welfare of the state;
(b) do all lawful acts for the development, attraction, and retention of businesses,industries, and commerce within the state;
(c) promote and encourage the expansion and retention of businesses, industries, andcommerce located in the state;
(d) support the efforts of local government and regional nonprofit economic developmentorganizations to encourage expansion or retention of businesses, industries, and commercelocated in the state;
(e) do other acts not specifically enumerated in this chapter, if the acts are for thebetterment of the economy of the state;
(f) work in conjunction with companies and individuals located or doing business withinthe state to secure favorable rates, fares, tolls, charges, and classification for transportation ofpersons or property by:
(i) railroad;
(ii) motor carrier; or
(iii) other common carriers;
(g) recommend policies, priorities, and objectives to the office regarding the assistance,retention, or recruitment of business, industries, and commerce in the state; and
(h) recommend how any money or program administered by the office or its divisions forthe assistance, retention, or recruitment of businesses, industries, and commerce in the state shallbe administered, so that the money or program is equitably available to all areas of the stateunless federal or state law requires or authorizes the geographic location of a recipient of themoney or program to be considered in the distribution of the money or administration of theprogram.
(2) The board may:
(a) in furtherance of the authority granted under Subsection (1)(f), appear as a partylitigant on behalf of individuals or companies located or doing business within the state inproceedings before regulatory commissions of the state, other states, or the federal governmenthaving jurisdiction over such matters; and
(b) make, amend, or repeal rules for the conduct of its business consistent with this partand in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
(3) (a) Subject to Subsection (3)(b), when monies are appropriated or otherwise madeavailable to the office by the Legislature for the purchase of a contract for the sale of land, theboard, with the approval of the state treasurer, may purchase the contract if the board makes afinding that the purchase of the contract promotes a statewide public interest such as promotingease of interstate or intrastate travel or advancing economic development.
(b) (i) As used in this Subsection (3)(b), "net projected debt service cost" means themonies projected to be necessary to pay bond issuance costs for a general obligation bond and tomake any interest payments for that general obligation bond less the projected investmentearnings from the state's investment of that bond's proceeds, if any.
(ii) When some or all of the monies made available by the Legislature to purchase acontract for the sale of land are provided from the proceeds from the issuance of one or more
general obligation bonds, if the board and state treasurer decide to purchase the contract, theboard and state treasurer shall purchase the contract at a price discounted by an amount equal tothe total net projected debt service cost for those bonds.
(iii) The State Bonding Commission shall certify the total net projected debt service costto the board and the state treasurer.
(iv) In purchasing a contract, the board and state treasurer may:
(A) purchase the contract with a single payment; or
(B) arrange to have the contract placed in escrow pending the final payment on thecontract and make multiple payments on the contract according to a schedule that is negotiatedwith the holder of the contract and included as part of the contract.
(c) Before purchasing a contract, the board and the state treasurer shall:
(i) contract with a qualified person or entity to prepare a report evaluating the purchaserof the land;
(ii) ensure that the report evaluates:
(A) the purchaser's financial ability to pay the money to complete the purchase on thedate that the final payment is due under the contract;
(B) whether or not the security underlying the contract is adequate to protect the state ifthe purchaser defaults;
(C) the purchaser's balance sheet and general credit-worthiness;
(D) environmental issues affecting the property under federal or state law; and
(E) any other items that will assist the board and the state treasurer in determiningwhether or not to purchase the contract;
(iii) ensure that the state has or will have a properly perfected security interest in, title to,or a deed in escrow for, the property that is the subject of the purchase; and
(iv) after reviewing the report, evaluating the state's security in case of a default on thecontract, and considering the terms of the proposed contract, determine whether or not topurchase the contract.
(d) The board and the state treasurer may not purchase a contract under this Subsection(3) if the date of the last payment owed by the land purchaser under the contract is more thanseven years from the date that the board purchases the contract.
Amended by Chapter 378, 2008 General Session
Renumbered and Amended by Chapter 382, 2008 General Session
