State Codes and Statutes
Statutes > Utah > Title-63b > Chapter-15 > 63b-15-10163B-15-101. Capital facilities bonds -- Utah Science Technology and ResearchGoverning Authority -- Maximum amount -- Projects authorized.
(1) (a) The total amount of bonds issued under this section may not exceed$111,100,000.
(b) When Utah State University certifies to the commission that the university hasobtained reliable commitments, convertible to cash, of $10,000,000 or more in nonstate funds toconstruct the Bio Innovations Research Institute, and when the chairs of the Legislature'sExecutive Appropriations Committee have certified that the committee has heard a presentationby the chair of the bonding commission and the Utah Science Technology and ResearchGoverning Authority on the project, the commission may issue and sell general obligation bondsin a total amount not to exceed $40,400,000.
(c) When the University of Utah certifies to the commission that the university hasobtained reliable commitments, convertible to cash, of $30,000,000 or more in nonstate funds toconstruct the Neuroscience and Biomedical Technology Research Building, and when the chairsof the Legislature's Executive Appropriations Committee have certified that the committee hasheard a presentation by the chair of the bonding commission and the Utah Science Technologyand Research Governing Authority on the project, the commission may issue and sell generalobligation bonds in a total amount not to exceed $70,700,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Utah ScienceTechnology and Research Governing Authority to provide funds to pay all or part of the cost ofacquiring and constructing the projects listed in this Subsection (2).
(b) These costs may include the cost of acquiring easements and rights-of-way,improving sites, and acquiring, constructing, equipping, and furnishing facilities and allstructures, roads, parking facilities, utilities, and improvements necessary, incidental, orconvenient to the facilities, interest estimated to accrue on these bonds during the period to becovered by construction of the projects plus a period of six months after the end of theconstruction period, and all related engineering, architectural, and legal fees.
(c) For the Utah Science Technology and Research Governing Authority, proceeds shallbe provided for the following:
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CAPITAL DEVELOPMENT PROJECTS
Estimated Operations Amount
Project Description and Maintenance Funded
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Bio Innovations Research Institute --
Utah State University $0 $40,000,000
Neuroscience and Biomedical Technology
Research Building -- University of Utah $0 $70,000,000
TOTAL CAPITAL DEVELOPMENT PROJECTS $110,000,000
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TOTAL GENERAL OBLIGATION BOND AUTHORIZATION
FOR CAPITAL DEVELOPMENT PROJECTS $110,000,000
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(d) The Legislature intends that the Utah Science Technology and Research GoverningAuthority pay the operations and maintenance costs on the research buildings authorized by this
section.
(3) (a) The amounts funded as listed in Subsection (2) are estimates only and do notconstitute a limitation on the amount that may be expended for the projects.
(b) The commission, by resolution and in consultation with the Utah Science Technologyand Research Governing Authority, may delete the project if the inclusion of that project couldbe construed to violate state law or federal law or regulation.
(4) The Utah Science Technology and Research Governing Authority may enter intoagreements related to the project before the receipt of proceeds of bonds issued under thischapter.
(5) The commission or the state treasurer may make any statement of intent relating tothat reimbursement that is necessary or desirable to comply with federal tax law.
(6) The commission may not issue or execute bonds authorized by this section that havea maturity date or dates of more than 20 years after the date of delivery of the bonds.
(7) The Utah Science Technology and Research Governing Authority shall contract withthe Division of Facilities Construction and Management to oversee construction of the buildings.
(8) The Utah Science Technology and Research Governing Authority may not delegateauthority over construction of the capitol development projects identified in this section to anyentity other than the Division of Facilities Construction and Management.
Enacted by Chapter 123, 2006 General Session
