State Codes and Statutes

Statutes > Utah > Title-72 > Chapter-02 > 72-2-205

72-2-205. Loan contracts of state agencies.
(1) (a) Notwithstanding Sections 53B-21-113 and 63A-1-112, a state agency may obtainan infrastructure loan.
(b) A state agency may contract to repay an infrastructure loan from the monies whichare appropriated to the agency and may pledge all or any portion of those monies to repay theloan.
(c) A state agency's infrastructure loan may not constitute a debt of the state or lendingthe credit of the state within the meaning of any constitutional or statutory limitation.
(2) The terms of an infrastructure loan contract shall bind the state and a state agency, andthe state agency shall unconditionally repay the loan from the monies the agency has pledgedunder the terms of the loan contract.

Renumbered and Amended by Chapter 270, 1998 General Session