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[Utah Code Table of Contents]
[TITLE 73. Table of Contents]
73-11-1 Powers and duties of School and Institutional Trust Lands Administration - Consolidation - Purpose.
(1) The School and Institutional Trust Lands Administration of the state is hereby authorized to merge and consolidate the properties, rights, privileges, and franchises acquired by the state through foreclosures of the mortgage of the Carbon Water Company to the state with the properties, rights, privileges, and franchises of the Price River water conservation district, the Wellington Canal Company, Bryner Plantz Ditch, Bryner Hansen Ditch, Lyn Ditch, Spring Glen Canal, Oberto Ditch, Marchello Ditch, Stowell Canal, Cook Ditch, Price Water Company, Pioneer Ditch Number Two, Allred Ditch, Pioneer Ditch Number One, Carbon Water Company, Tidwell Canal, Snyder Ditch, being all corporations of a similar nature, and others having or owning storage rights in the reservoir of the Price River water conservation district, situated in Carbon and Emery Counties, Utah, pursuant to Title 16, Chapter 5, Utah Code Annotated, 1953, to the end that greater efficiency in the preservation and distribution of water and greater economy of management may be accomplished, and in order to effect the merger and consolidation the School and Institutional Trust Lands Administration is authorized to join in the execution of proper articles of merger and consolidation, providing all of the other constituent parties are duly and regularly authorized to join in the action.
(2) The School and Institutional Trust Lands Administration
may take and accept stock of the consolidated corporation
of sufficient amount and of proper class in full payment
for the properties, rights, privileges, and franchises transferred
and conveyed to the consolidated corporation.
1995
73-11-2 Reserve stock for irrigating trust lands - Sell or lease excess stock.
The School and Institutional Trust Lands Administration shall have power, and it shall be its duty:
(1) in the event the merger and consolidation is effected, to reserve and hold an amount of the capital stock of the consolidated corporation as will supply a water right for all lands owned by the state and capable of irrigation from the canals, ditches, or distribution system of the consolidated corporation; and
(2) to sell or lease all excess stock upon such terms
as it may consider best to persons owning land capable of
being irrigated from the canals, ditches, or distributing
system of the consolidated corporation.
1995
73-11-3 Disposition of proceeds.
The money derived from the sale or lease of such excess
stock shall go to the reservoir land grant fund until the
principal of the loan or loans made to the Carbon Water Company,
or its predecessors, the interest thereon, and advances made
by the state in connection therewith, are fully paid, and
thereafter the money derived from the sale or lease of said
stock go to the state school fund.
1953
73-11-4 School and Institutional Trust Lands Administration to vote stock of consolidated district.
In the event it is necessary for the consolidated corporation
to borrow money for consolidation expenses, repairs, improvements,
and operation, and to pay the indebtedness of the Price River
water conservation district or any of the constituent companies,
and to pledge or mortgage all or any part of the assets and
properties of the consolidated corporation as security therefor,
the School and Institutional Trust Lands Administration is
authorized to vote the stock of the state in favor of the
action, providing it considers the action to be in the best
interest of all the constituent parties.
1995
