{"data":{"id":"us-ut/utah-code-17d-2-401","jurisdiction":"us-ut","citation":"Utah Code § 17D-2-401","heading":"Project lease agreements.","body":"(1) A local building authority and its creating local entity may enter into a lease agreement with respect to a project that the local building authority:\n(a) has constructed, acquired, improved, or extended on behalf of the creating local entity; or\n(b) will construct, acquire, improve, or extend on behalf of the creating local entity.\n(2)\n(a) A local building authority and its creating local entity may enter into a lease agreement before the local building authority's acquisition of a site or construction of the project.\n(b) Each lease agreement described in Subsection (2)(a) shall:\n(i) provide that the creating local entity is not required to make a lease payment until acquisition or construction of the project is completed; and\n(ii) require the local building authority to furnish or cause the construction contractor to furnish a bond satisfactory to the creating local entity, conditioned upon:\n(A) final completion of the project as expeditiously as reasonably possible from the date of the execution of the lease agreement; and\n(B) delivery of possession of the project to the creating local entity free and clear of all liens and encumbrances, except:\n(I) taxes, liens, and encumbrances on the local building authority's interest in the leased property; and\n(II) easements and restrictions that the creating local entity accepts.","path":["Title 17D Limited Purpose Local Government Entities - Other Entities","Chapter 17D-2 Local Building Authority Act","Part 17D-2-4 Local Building Authority Lease Agreements"],"source_url":"https://le.utah.gov/xcode/Title17D/Chapter2/17D-2-S401.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"0db41a8f2e576cf0fdc696ba041cf04ac5f1b6f264c733898c1a7c1544255d68","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-17d-2-302","next":"us-ut/utah-code-17d-2-402"},"notice":"GroundRules: Original legal text. Not legal advice."}