Title 11, Cities, Counties, and Local Taxing Units

11-59-202. Authority powers. The authority may: (1) as provided in this chapter, plan, manage, and implement the development of the point of the mountain state land, including the ongoing operation of facilities on the point of the mountain state land; (2) undertake, or engage a …

11-59-203. Authority duties and responsibilities. (1) As the authority plans, manages, and implements the development of the point of the mountain state land, the authority shall pursue development strategies and objectives designed to: (a) maximize the creation of high-quality j…

11-59-204. Applicability of other law -- Coordination with municipality. (1) The authority and the point of the mountain state land are not subject to: (a) Title 10, Chapter 20, Municipal Land Use, Development, and Management Act; or (b) the jurisdiction of a special district und…

11-59-205. Authority funds. (1) Authority funds consist of all money that the authority receives from any source, including: (a) money appropriated by the Legislature; (b) money from lease revenue; (c) revenue from fees or other charges imposed by the authority; and (d) other mon…

11-59-206. Energy sales and use tax. (1) As provided in Subsection 10-1-304(1)(c), the authority may by resolution levy an energy sales and use tax, under Title 10, Chapter 1, Part 3, Municipal Energy Sales and Use Tax Act, on an energy supplier, as defined in Section 10-1-303, t…

11-59-207. Privilege tax on leased property on state-owned land. (1) As used in this section: (a) "Exempt property" means real property that is exempt from ad valorem property tax because the real property is owned by the state. (b) "Lease agreement" means an agreement by which a…

11-59-208. Portion of property tax augmentation to be paid to authority -- Reporting. (1) As used in this section: (a) "Base taxable value" means the taxable value in the year before the transfer date. (b) "Property tax augmentation": (i) means the amount of property tax that is …

11-59-301. Authority board -- Delegation of power. (1) The authority shall be governed by a board, which shall manage and conduct the business and affairs of the authority and shall determine all questions of authority policy. (2) All powers of the authority are exercised through…

11-59-302. Number of board members -- Appointment -- Vacancies -- Chairs. (1) The board shall consist of seven voting members as provided in Subsection (2). (2)(a) The governor shall appoint as board members three individuals with experience in economic development, corporate rec…

11-59-303. Term of board members -- Quorum requirements -- Compensation. (1)(a) The term of each board member appointed under Subsection 11-59-302(2) is four years, except that the initial term of one of the members appointed under Subsection 11-59-302(2)(a) is two years and the …

11-59-304. Staff and other support services -- Cooperation from state and local government entities -- Services from state agencies. (1) As used in this section, "office" means the Governor's Office of Economic Development, created in Section 63N-1a-301. (2) If and as requested b…

11-59-306. Limitations on board members -- Annual conflict of interest disclosure statement -- Exception -- Penalties. (1) As used in this section: (a) "Designated individual" means an individual: (i)(A) who is a member of the Senate or House of Representatives; (B) who has been …

11-59-401. Annual authority budget -- Fiscal year -- Public hearing and notice required -- Auditor forms. (1) The authority shall prepare and its board adopt an annual budget of revenues and expenditures for the authority for each fiscal year. (2) Each annual authority budget sha…

11-59-402. Amending the authority annual budget. (1) The authority board may by resolution amend an annual authority budget. (2) An amendment of the annual authority budget that would increase the total expenditures may be made only after public hearing by notice published as req…

11-59-403. Audit requirements. The authority shall comply with the audit requirements of Title 51, Chapter 2a, Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act.

11-59-404. Authority chief financial officer is a public treasurer -- Certain authority funds are public funds. (1) The authority's chief financial officer: (a) is a public treasurer, as defined in Section 51-7-3; and (b) shall invest the authority funds specified in Subsection (…

11-59-501. Dissolution of authority -- Restrictions -- Publishing notice of dissolution -- Authority records -- Dissolution expenses. (1) The authority may not be dissolved unless: (a) the authority board first receives approval from the Legislative Management Committee of the Le…

11-59-601. Resolution authorizing issuance of authority bonds -- Characteristics of bonds -- Notice. (1) The authority may not issue bonds under this part unless the board first: (a) adopts a parameters resolution, as defined in Section 63C-25-101, for the bonds; and (b) submits …

11-59-602. Sources from which bonds may be payable -- Authority powers regarding bonds. (1) The principal and interest on bonds issued by the authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income an…

11-59-603. Purchase of authority bonds. (1) Any individual, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by an authority under this part with funds owned or controlled by the purchaser. …

11-59-604. Those executing bonds not personally liable -- Limitation of obligations under bond -- Negotiability. (1) A member of the board or other person executing an authority bond is not liable personally on the bond. (2)(a) A bond issued by the authority is not a general obli…

11-59-605. Obligee rights -- Board may confer other rights. (1) In addition to all other rights that are conferred on an obligee of a bond issued by the authority under this part and subject to contractual restrictions binding on the obligee, an obligee may: (a) by mandamus, suit…

11-59-606. Bonds exempt from taxes -- Authority may purchase its own bonds. (1) A bond issued by the authority under this part is issued for an essential public and governmental purpose and is, together with interest on the bond and income from it, exempt from all state taxes exc…