State Codes and Statutes
Statutes > Utah > Title-63b > Chapter-16 > 63b-16-20263B-16-202. Revenue bond authorizations -- Board of Regents.
(1) It is the intent of the Legislature that:
(a) when the University of Utah certifies to the Board of Regents that the university hasobtained reliable commitments, convertible to cash, of $15,000,000 or more in nonstate funds toconstruct an on-campus student life center, the Board of Regents, on behalf of the University ofUtah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of theUniversity of Utah to borrow money on the credit, revenues, and reserves of the University ofUtah, other than appropriations from the Legislature, to finance the cost of constructing anon-campus student life center;
(b) student recreation fees be used as the primary revenue source for repayment of anyobligation created under authority of this section;
(c) the University of Utah may increase student recreation fees to not more than $60 persemester for not more than 20 years, and use those revenues, together with the $15,000,000collected under Subsection (1)(a), to service the student life center revenue bond debt;
(d) the bonds or other evidences of indebtedness authorized by this section may provideup to $42,500,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(e) the University of Utah may plan, design, and construct the on-campus student lifecenter subject to requirements in Section 63A-5-206; and
(f) the university may not request state funds for operation and maintenance costs orcapital improvements.
(2) It is the intent of the Legislature that:
(a) the Board of Regents, on behalf of Southern Utah University, may issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Southern Utah University to borrowmoney on the credit, revenues, and reserves of Southern Utah University, other thanappropriations of the Legislature, to finance the cost of constructing on-campus studentdormitories;
(b) student housing rental fees be used as the primary revenue source for repayment ofany obligation created under authority of this section;
(c) the bonds or other evidences of indebtedness authorized by this section may provideup to $17,500,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) Southern Utah University may plan, design, and construct the on-campus studentdormitories subject to requirements in Section 63A-5-206; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
Enacted by Chapter 174, 2007 General Session
