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S.B. 49 Enrolled

             1     

OVERSIGHT OF BONDING BY COUNTIES

             2     
2011 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Jerry W. Stevenson

             5     
House Sponsor: Brad R. Wilson

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill amends a county legislative body's authority to create a board of directors for
             10      certain types of facilities and the board's authority.
             11      Highlighted Provisions:
             12          This bill:
             13          .    amends a county legislative body's authority to create a board of directors for certain
             14      types of facilities;
             15          .    amends the board's authority; and
             16          .    makes technical corrections.
             17      Money Appropriated in this Bill:
             18          None
             19      Other Special Clauses:
             20          None
             21      Utah Code Sections Affected:
             22      AMENDS:
             23          17-12-4, as last amended by Laws of Utah 1993, Chapter 227
             24     
             25      Be it enacted by the Legislature of the state of Utah:
             26          Section 1. Section 17-12-4 is amended to read:
             27           17-12-4. Bond issue for auditoriums, etc., and "convention complex" facilities --
             28      Board of directors -- Use of revenues from facilities -- Rights of bondholders.
             29          [Any] (1) (a) A county legislative body adopting proceedings authorizing the issuance


             30      of county bonds for the purpose of acquiring, improving, extending, furnishing, and equipping
             31      auditoriums, sports arenas, stadiums, convention centers, and all properties and facilities
             32      ordinarily forming part of a so-called "convention complex," or for any part or combination of
             33      the foregoing[, shall in the proceedings authorizing such bonds: (1) Provide] may, by
             34      resolution, provide for the creation of a board of directors which, so long as any of the bonds
             35      remain outstanding either in original or refunded form[, shall] may:
             36          (i) have complete management and control of the facilities acquired with the proceeds
             37      of the bonds[. Such board]; or
             38          (ii) act as an advisory board to the county executive and legislative body regarding the
             39      management and operation of a property or facility described in Subsection (1)(a).
             40          (b) (i) The board of directors described in Subsection (1)(a) shall have the number of
             41      members, possessing such qualifications and selected for such terms, and shall operate
             42      pursuant to such rules and regulations as [may be provided in such proceedings.] adopted by
             43      the county legislative body.
             44          (ii) The members of [such board] the board of directors described in Subsection (1)(a)
             45      shall serve without compensation except for reimbursement of expenses actually incurred in
             46      the performance of their duties.
             47          (iii) After the appointment and organization of [any] the board of directors, all
             48      vacancies thereafter occurring, whether by expiration of term or otherwise, shall be filled by
             49      majority vote of the remaining members of the board. [Subject to the provisions of such
             50      proceedings,]
             51          (iv) Subject to provisions adopted by the county legislative body, the members of the
             52      board of directors [shall] may have the powers and duties ordinarily enjoyed by the directors of
             53      a private corporation operating similar facilities.
             54          (2) [Provide] A county legislative body that adopts proceedings for the purpose of and
             55      as described in Subsection (1)(a) shall provide that all revenues of every nature derived from
             56      the operation of the facilities so acquired with bond proceeds and not expended in the
             57      reasonable and proper costs of maintaining and operating the facilities, including the making of


             58      necessary repairs and replacements, be pledged to and utilized for the payment of principal of
             59      and interest on the bonds and, if so provided, the creation of a reserve for such purpose.
             60          (3) This act is adopted for the purpose of eliminating or reducing so far as possible the
             61      ad valorem taxes necessary to be levied for the payment of such bonds and for the purpose of
             62      improving the security of such bonds, and accordingly the holders of the bonds from time to
             63      time shall have a vested and enforceable contract right in the provisions of this act and in the
             64      provisions of the bond proceedings adopted pursuant hereto.


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