53B-21-104. Deposit of bond proceeds -- State Building Board responsibilities --
Approval of Division of Facilities Construction and Management.
(1) The State Board of Regents' treasurer or other fiscal officer, with the approval of the
state treasurer, deposits the proceeds from the sale of bonds under this chapter into a special
Construction Trust Fund Account established in compliance with the State Money Management
Act of 1974.
(2) The proceeds are credited to the board on behalf of the institution of higher education
for which the bonds were issued.
(3) The proceeds are kept in a separate fund and used solely for the purpose for which
they were authorized by the board.
(4) The State Building Board makes all contracts and executes all instruments which it
considers necessary to provide for the projects referred to in Section 53B-21-101.
(5) The proceeds in the special Construction Trust Fund Account shall be disbursed only
upon receipt of written statements supported by itemized estimates and claims presented to the
Division of Facilities Construction and Management as provided in the resolution authorizing the
issuance of the bonds.
Enacted by Chapter 167, 1987 General Session
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Last revised: Thursday, May 28, 2009