§ 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.

(2)

(a) This money is for the payment of the principal and interest on the bonds authorized under this chapter.

(b) The money 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 342, 2011 General Session