53B-21-105 - Disposition and use of income from operation of buildings -- Payment of principal and interest on bonds.
53B-21-105. Disposition and use of income from operation of buildings -- Paymentof 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 ascollected 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 bondsauthorized under this chapter.
(b) They shall also be used, to the extent provided in the resolution authorizing thebonds, to pay for the cost of maintaining and operating the building and to establish reserves forthat purpose.
(3) The State Board of Regents treasurer or other designated fiscal officer shall, not lessthan 15 days prior to the date interest and principal payments are due, transmit to the payingagent sufficient money from the fund to pay the obligation.
Amended by Chapter 271, 1992 General Session