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Utah Technology Finance Corp. v. Wilkinson

723 P.2d 406 (1986)

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Utah Technology Finance Corp. v. Wilkinson

Utah Supreme Court
723 P.2d 406 (1986)

SC

Facts

The Utah Technology and Innovation Act (the act) authorized the Utah Technology Finance Group (UTFC) (defendant) to spend public funds to aid innovative, small technology businesses. The act contemplated loans and other investments. In passing the act, the Utah legislature found that aiding in the creation and growth of high-technology businesses would foster economic development and create jobs in the state. Pursuant to the act, the UTFC used $1 million in public funds to obtain a limited-partnership interest in Venture Fund I, a private organization. Venture Fund I planned to combine these public funds with private funds to subscribe to stock in high-technology companies. The Utah attorney general (plaintiff) sued the UTFC, alleging that this use of public funds violated the Utah Constitution, which prohibited the state and any subdivision of the state from lending its credit or subscribing to stock or bonds to assist any private corporate enterprise.

Rule of Law

Issue

Holding and Reasoning (Howe, J.)

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