53B-21-105. Disposition and use of income from operation of buildings -- Payment
of principal and interest on bonds.
(1) Except for the revenues paid directly to a trustee under Subsection 53B-21-102 (3)(f),
all income and revenues from the operation of the buildings under this chapter are deposited as
collected in a fund established in compliance with the State Money Management Act of 1974.
(2) (a) These moneys are for the payment of the principal and interest on the bonds
authorized under this chapter.
(b) They shall also be used, to the extent provided in the resolution authorizing the bonds,
to pay for the cost of maintaining and operating the building and to establish reserves for that
purpose.
(3) The State Board of Regents treasurer or other designated fiscal officer shall, not less
than 15 days prior to the date interest and principal payments are due, transmit to the paying agent
sufficient money from the fund to pay the obligation.
Amended by Chapter 271, 1992 General Session
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Last revised: Thursday, May 28, 2009