State Codes and Statutes
Statutes > Utah > Title-63b > Chapter-07 > 63b-7-50163B-7-501. Revenue bond authorizations.
(1) (a) It is the intent of the Legislature that the State Building Ownership Authority,under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, mayissue or execute obligations, or enter into or arrange for a lease purchase agreement in whichparticipation interests may be created, to provide up to $1,568,600 for the construction of a UtahCorrectional Industries Facility at the Central Utah Correctional Facility at Gunnison, togetherwith additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund anydebt service requirements.
(b) The State Building Ownership Authority shall work cooperatively with theDepartment of Corrections to seek out the most cost effective and prudent lease purchase planavailable.
(c) It is the intent of the Legislature that program revenues be used as the primaryrevenue source for repayment of any obligation created under authority of this Subsection (1).
(2) It is the intent of the Legislature that:
(a) the State Board of Regents, on behalf of the University of Utah, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of the University of Utah to borrowmoney on the credit, income, and revenues of the University of Utah, other than appropriations ofthe Legislature, to finance the cost of constructing, furnishing, and equipping student housing;
(b) University funds and housing rental revenues be used as the primary revenue sourcefor repayment of any obligation created under authority of this Subsection (2); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (2) mayprovide up to $86,000,000 together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(3) It is the intent of the Legislature that:
(a) the State Board of Regents on behalf of the University of Utah issue, sell, and deliverrevenue bonds or other evidences of indebtedness of the University of Utah to borrow money onthe credit, income, and revenues of the University of Utah, other than appropriations of theLegislature, to finance the cost of constructing, furnishing, and equipping a Health SciencesParking Structure;
(b) University funds and parking revenues be used as the primary revenue source forrepayment of any obligation created under authority of this Subsection (3); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (3) mayprovide up to $12,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(4) It is the intent of the Legislature that:
(a) the State Board of Regents, on behalf of the University of Utah, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of the University of Utah to borrowmoney on the credit and income and revenues of the University of Utah, other thanappropriations of the Legislature, to finance the cost of constructing, furnishing, and equipping aSouthwest Campus Parking Structure;
(b) University funds and parking revenues be used as the primary revenue source forrepayment of any obligation created under authority of this Subsection (4); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (4) mayprovide up to $7,200,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(5) It is the intent of the Legislature that:
(a) the State Board of Regents, on behalf of the University of Utah, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of the University of Utah to borrowmoney on the credit and income and revenues of the University of Utah, other thanappropriations of the Legislature, to finance the cost of constructing, furnishing, and equippingan expansion of the Eccles Broadcast Center;
(b) University funds and service revenues be used as the primary revenue source forrepayment of any obligation created under authority of this Subsection (5); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (5) mayprovide up to $5,100,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(6) It is the intent of the Legislature that:
(a) the State Board of Regents, on behalf of the University of Utah, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of the University of Utah to borrowmoney on the credit and income and revenues of the University of Utah, other thanappropriations of the Legislature, to finance the cost of constructing, furnishing, equipping, andremodeling facilities for perinatal services, adult critical care services, clinical training andsupport, and upgrade of the University Hospital Rehabilitation Unit, and for purchase of theUniversity Neuropsychiatric Institute and Summit Health Center in Park West;
(b) University Hospital revenues be used as the primary revenue source for repayment ofany obligation created under authority of this Subsection (6); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (6) mayprovide up to $23,300,000 together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(7) It is the intent of the Legislature that:
(a) the State Board of Regents, on behalf of Weber State University, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Weber State University to borrowmoney on the credit and income and revenues of Weber State University, other thanappropriations of the Legislature, to finance the cost of constructing, furnishing, and equippingstudent housing;
(b) University funds and housing rental revenues be used as the primary revenue sourcefor repayment of any obligation created under authority of this Subsection (7); and
(c) the bonds or other evidences of indebtedness authorized by this Subsection (7) mayprovide up to $19,000,000 together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(8) (a) It is the intent of the Legislature that the State Building Ownership Authority,under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, mayissue or execute obligations, or enter into or arrange for a lease purchase agreement in whichparticipation interests may be created, to provide up to $1,100,000 for the construction of surplusproperty facilities for the Division of Fleet Operations, together with additional amountsnecessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserverequirements.
(b) The State Building Ownership Authority shall work cooperatively with theDepartment of Administrative Services to seek out the most cost effective and prudent leasepurchase plan available.
(c) It is the intent of the Legislature that Internal Service Fund revenues be used as theprimary revenue source for repayment of any obligation created under authority of thisSubsection (8).
(9) (a) Contingent upon the state of Utah receiving a perfected security interest inaccordance with Senate Joint Resolution 14, 1998 Annual General Session, the State BuildingOwnership Authority, under authority of Title 63B, Chapter 1, Part 3, State Building OwnershipAuthority Act, may issue or execute obligations, or enter into or arrange for a lease purchaseagreement in which participation interests may be created, to provide up to $25,000,000 for thecost of constructing, furnishing, and equipping housing facilities at the University of Utah,together with additional amounts necessary to:
(i) pay costs of issuance;
(ii) pay capitalized interest; and
(iii) fund any debt service reserve requirements.
(b) The State Building Ownership Authority and the University of Utah may enter intoreal estate arrangements and security arrangements that are:
(i) necessary to accomplish the purposes of this Subsection (9); and
(ii) not inconsistent with the requirements of Senate Joint Resolution 14, 1998 AnnualGeneral Session.
(10) In order to achieve a debt service savings, it is the intent of the Legislature that theState Building Ownership Authority, under authority of Title 63B, Chapter 1, Part 3, StateBuilding Ownership Authority Act, may issue or execute obligations, or enter into or arrange fora lease purchase agreement in which participation interests may be created, to provide sufficientfunding to exercise the state's option to purchase the Youth Corrections Facility in Salt LakeCounty currently financed by Salt Lake County.
Amended by Chapter 382, 2008 General Session
