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6 AN ACT RELATING TO HIGHER EDUCATION; MODIFYING THE POWER OF THE
7 BOARD OF REGENTS TO PURCHASE OR OTHERWISE ACQUIRE FACILITIES; AND
8 MAKING TECHNICAL CORRECTIONS.
9 This act affects sections of Utah Code Annotated 1953 as follows:
11 53B-13-103, as enacted by Chapter 167, Laws of Utah 1987
12 53B-20-103, as enacted by Chapter 167, Laws of Utah 1987
13 Be it enacted by the Legislature of the state of Utah:
14 Section 1. Section 53B-13-103 is amended to read:
15 53B-13-103. Powers of Board of Regents.
16 (1) The board has the powers necessary to carry out the purposes of this chapter[
19 corporation, or governmental agency;
21 education by attending an eligible institution, including refinancing or consolidating obligations
22 previously incurred by eligible borrowers with other lending sources for this purpose and
23 participating in loans to eligible borrowers for this purpose with other lending sources;
25 from lenders of obligations[
5 of court action;
7 accomplishment of the purposes of this chapter;
9 its property, assets, activities, or the exercise of the powers granted under this chapter;
11 bondholders, and [
12 property, including all or a part of an obligation[
18 or a contract with the recipient of a loan, [
19 rate of interest, time of payment of interest or principal, or other term of a bond contract or
20 agreement between the board and a recipient of a loan, bondholder, or agency or institution
21 guaranteeing the repayment of an obligation;
23 to render and perform professional and technical duties, assistance, and advice in carrying out the
24 purposes of this chapter, [
29 governmental agency and [
30 other agencies of this state or the United States;
1 servicing, including reimbursement of the costs of financing, service charges, and insurance
2 premiums [
5 interests of holders of bonds issued by the board; and
7 agree to, and comply with, the conditions of those programs.
8 (2) The board may not acquire, purchase, or commit to purchase an obligation under
9 Subsection (1)(c) unless, at or before the time of transfer to the board, the lender certifies that:
10 (a) under and to the extent required by rules of the board, the proceeds of sale or its
11 equivalent shall be reinvested in other obligations under the student loan program; or
12 (b) the obligation was made in anticipation of its sale to the board under rules of the board
13 adopted under authority of this chapter.
14 (3) (a) The state is not liable for the repayment of bonds issued by the board.
15 (b) The bonds issued by the board are not a debt of the state, and each bond shall contain
16 on its face a statement to this effect.
17 (4) Notwithstanding any other provision of this section, the board may purchase or
18 otherwise acquire facilities only after obtaining legislative approval.
19 Section 2. Section 53B-20-103 is amended to read:
20 53B-20-103. Powers of state board -- Capital facilities projects.
21 (1) As used in this section, "capital facilities projects and buildings" includes any one or
22 more institutional project and building.
24 higher education, may [
26 facilities projects and buildings including necessary and related utilities;
28 projects and buildings;
3 (3) Notwithstanding any other provision of this section, the board may purchase or
4 otherwise acquire facilities only after obtaining legislative approval.
Legislative Review Note
as of 1-23-98 11:50 AM
A limited legal review of this bill raises no obvious constitutional or statutory concerns.
Office of Legislative Research and General Counsel
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