(a)
Beginning July 1, 2007,
and except as provided under Subsection
(1)(b),
any contract or agreement between a local political
52
subdivision and a private entity shall include provisions that allow the local political
53
subdivision to:
54
{
(a)
}
(i)
independently assess, as provided under Subsection (2), the ability
of the private
55
entity to meet its financial obligations to the local political subdivision if the contract or
56
agreement involves lease payments, the revenue from which is pledged for the payment of
57
principal or interest on a revenue bond; and
58
{
(b)
}
(ii)
rescind or amend the contract or agreement if:
59
{
(i)
}
(A)
the independent assessment performed under Subsection
(1)(a)
(i)
produces a finding
60
that the private entity is unable to meet its lease payments to the local political
subdivision; and
61
{
(ii)
}
(B)
based on the assessment performed under Subsection
(1)(a)
(i)
, the local political
62
subdivision determines that the rescission or amendment is necessary to protect the
financial
63
interests of the local political subdivision.
(b) A contract or agreement that generates revenue that is payable in relation
to an international airport, is exempt from the requirements of this
section.
64
(2) The local political subdivision shall ensure the independent assessment under
65
Subsection (1)(a)
(i)
is conducted:
The motion to amend the bill passed unanimously.
MOTION: Rep. Bowman moved to amend the bill as follows:
1. Page
2, Lines 32 through 33
:
32
in accordance with accounting principles adopted by the
{
Federal
}
Financial
Accounting
33
Standards Board; and
2. Page
3, Lines 71 through 72
:
71
with generally accepted accounting principles adopted by the
{
Federal
}
Financial
Accounting Standards
72
Board.
The motion to amend the bill passed unanimously.
Rep. Hansen explained the amended bill.
Spoke against the bill: Lincoln Shurtz, Utah League of Cities and Towns
LeGrand Bitter, Utah Association of Special Districts
David Harmer, Director Community and Economic Development,
Ogden City
MOTION: Rep. Wiley moved to pass the bill out favorably as amended. The motion failed
with Rep. Bowman, Rep. Hansen, Rep. Hendrickson, Rep. Hutchings and Rep.
Wiley voting in favor of the motion.
S.B. 11 Unemployment Compensation - Social Security Offset (Sen. J. Hickman)
Sen. Hickman explained the bill.
MOTION: Rep. Aagard moved to pass the bill out favorably. The motion passed unanimously
with Rep. Hutchings absent for the vote.
S.B. 32 Filings of Administrative Rules, Orders, and Regulations (Sen. H.
Stephenson)
Sen. Stephenson explained the bill.
MOTION: Rep. Hansen moved to pass the bill out favorably. The motion passed
unanimously with Rep. Mathis, Rep. Fowlke, and Rep. Hutchings absent for the
vote.
MOTION: Rep. Wiley moved to place the bill on the Consent Calendar. The motion passed
unanimously with Rep. Mathis, Rep. Fowlke, and Rep. Hutchings absent for the
vote.
S.B. 8 Use of State Engineer Fees (Sen. M. Dayton)
Sen. Dayton explained the bill.
Spoke for the bill: Kent Jones, Assistant Engineer, Utah State Division of Water Rights
Todd Bingham, Utah Farm Bureau
MOTION: Rep. Hendrickson moved to pass the bill out favorably. The motion passed
unanimously with Rep. Aagard and Rep. Hutchings absent for the vote.
MOTION: Rep. Hansen moved to place the bill on the Consent Calendar. The motion passed
unanimously with Rep. Aagard and Rep. Hutchings absent for the vote.
MOTION: Rep. Hansen moved to adjourn. The motion passed unanimously with Rep.
Aagard and Rep. Hutchings absent for the vote.
Rep. Donnelson adjourned the meeting at 9:32 a.m.
__________________________
Rep. Glenn Donnelson, Chair