(1) Subject to Subsection (2), the governing body of the creating local entity may at any time dissolve a local building authority created by the creating local entity, by following the procedures in Title 16, Chapter 6a, Utah Revised Nonprofit Corporation Act, for the dissolution of a nonprofit corporation.
(2) A creating local entity's governing body may not dissolve a local building authority unless: (a) (i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and (ii) all other obligations of the local building authority are paid in full; or (b) the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).
(a) (i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and (ii) all other obligations of the local building authority are paid in full; or
(i) the principal, interest, and any redemption premium on all outstanding bonds of the local building authority are paid in full; and
(ii) all other obligations of the local building authority are paid in full; or
(b) the local building authority has made provision for the payment, when due, of all bond and other obligations described in Subsection (2)(a).
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