63B-6-501 - Revenue bond authorizations.
63B-6-501. Revenue bond authorizations.
(1) (a) It is the intent of the Legislature that:
(i) 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 and income and revenues of the University of Utah, other than appropriations of theLegislature, to finance the cost of constructing, furnishing, and equipping a renovation andexpansion of the Robert L. Rice Stadium; and
(ii) Olympic funds, University funds, and activity revenues be used as the primaryrevenue sources for repayment of any obligation created under the authority of this Subsection(1).
(b) The bonds or other evidences of indebtedness authorized may provide up to$50,000,000 together with other amounts necessary to pay costs of issuance, pay capitalizedinterest, and fund any debt service reserve requirements.
(2) (a) The State Building Ownership Authority, under authority of Title 63B, Chapter 1,Part 3, State Building Ownership Authority Act, may issue or execute obligations or enter into orarrange for a lease purchase agreement in which participation interests may be created to provideup to $350,000 for the remodeling and completion of the Wasatch Mountain State ParkClubhouse for the Division of Parks and Recreation, together with additional amounts necessaryto pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.
(b) The State Building Ownership Authority shall work cooperatively with the Divisionof Parks and Recreation to seek out the most cost effective and prudent lease purchase planavailable.
(c) It is the intent of the Legislature that park revenues be used as the primary revenuesources for repayment of any obligation created under authority of this Subsection (2).
(3) It is the intent of the Legislature that:
(a) the State Building Ownership Authority, under the authority of Title 63B, Chapter 1,Part 3, State Building Ownership Authority Act, may issue or execute obligations, or enter into orarrange for a lease purchase agreement in which participation interests may be created, to provideup to $6,000,000 for the construction, or acquisition, or both, of liquor stores, together withadditional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debtservice requirements; and
(b) liquor control funds be used as the primary revenue source for the repayment of anyobligation created under authority of this Subsection (3).
Amended by Chapter 382, 2008 General Session