Title 11 Chapter 32 Section 8

Cities, Counties, and Local Taxing Units
Utah Interlocal Financing Authority Act
Section 8
Dissolution of financing authority.


11-32-8.   Dissolution of financing authority.

            (1) The governing body of a county may at any time dissolve a financing authority created by the county in the manner then provided in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, subject to the limitations of this chapter.

            (2) A financing authority may not be dissolved unless all outstanding bonds and other obligations of the authority are paid in full as to principal, interest, and redemption premiums, if any, or unless provision for the payment of them when due has been made.

            (3) Upon the dissolution of a financing authority all assets and money of the authority remaining after a provision has been made for the payment of all outstanding bonds and obligations of the authority shall be transferred to the participant members as described in Section 11-32-15 or as agreed upon between the county and the other participant members.

Amended by Chapter 300, 2000 General Session