63B-10-301 - Revenue bond authorizations.
63B-10-301. 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 $8,281,000 for the construction of anexpansion of the Department of Alcoholic Beverage Control warehouse together with additionalamounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt servicereserve requirements.
(b) It is the intent of the Legislature that enhanced revenues of the Department ofAlcoholic Beverage Control be used as the primary revenue source for repayment of anyobligation created under authority of this Subsection (1).
(2) (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 $957,100 for the acquisition of a site andconstruction of a store in the western part of Salt Lake County for the Department of AlcoholicBeverage Control together with additional amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(b) It is the intent of the Legislature that enhanced revenues of the Department ofAlcoholic Beverage Control be used as the primary revenue source for repayment of anyobligation created under authority of this Subsection (2).
(3) (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 $1,497,700 for the acquisition of a siteand construction of a store in the southern part of Salt Lake County for the Department ofAlcoholic Beverage Control together with additional amounts necessary to pay costs of issuance,pay capitalized interest, and fund any debt service reserve requirements.
(b) It is the intent of the Legislature that enhanced revenues of the Department ofAlcoholic Beverage Control be used as the primary revenue source for repayment of anyobligation created under authority of this Subsection (3).
(4) (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 $100,000,000 for the acquisition andconstruction of a cancer clinical research hospital facility adjacent to the University of UtahMedical Center, together with additional amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(b) The State Building Ownership Authority shall work cooperatively with the Divisionof Facilities Construction and Management and the University of Utah to seek out the most costeffective and prudent lease purchase plan available.
(c) It is the intent of the Legislature that the University of Utah lease land to the StateBuilding Ownership Authority for the construction of a cancer clinical research hospital facilityadjacent to the University of Utah Medical Center.
(d) The anticipated revenue sources for repayment of any obligation created under
authority of this section are:
(i) the institutional funds of the University of Utah, including the University's annualdistribution of tobacco settlement funds from the state; and
(ii) donations from the Huntsman Cancer Foundation and other donors.
(e) By September 1 of each year of the existence of this revenue bond, the University ofUtah shall give an annual report regarding the status of the bond and the bond payments to theLegislative Fiscal Analyst. This report shall be reviewed by the Higher EducationAppropriations Subcommittee and the Capital Facilities Appropriation Subcommittee.
(5) It is the intent of the Legislature that:
(a) the 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, revenues, and reserves of the University of Utah, other than appropriations of theLegislature, to finance the cost of acquiring, constructing, furnishing, and equipping anexpansion of the University Hospital;
(b) University Hospital revenues be used as the primary revenue source for repayment ofany obligation created under authority of this section; and
(c) the bonds or other evidences of indebtedness authorized by this section may provideup to $25,000,000, 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 Board of Regents, on behalf of Salt Lake Community College, issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Salt Lake Community College toborrow money on the credit, revenues, and reserves of Salt Lake Community College, other thanappropriations of the Legislature, to finance the cost of acquiring, constructing, furnishing, andequipping the remodel of the cafeteria and expansion of the Student Center;
(b) student fees be used as the primary revenue source for repayment of any obligationcreated under authority of this section; and
(c) the bonds or other evidences of indebtedness authorized by this section may provideup to $6,000,000, together with other amounts necessary to pay costs of issuance, pay capitalizedinterest, and fund any debt service reserve requirements.
(7) It is the intent of the Legislature that:
(a) the Board of Regents, on behalf of Dixie College, issue, sell, and deliver revenuebonds or other evidences of indebtedness of Dixie College to borrow money on the credit,revenues, and reserves of Dixie College, other than appropriations of the Legislature, to financethe cost of acquiring, constructing, furnishing, and equipping an expansion of the GardnerStudent Center;
(b) student fees be used as the primary revenue source for repayment of any obligationcreated under authority of this section; and
(c) the bonds or other evidences of indebtedness authorized by this section may provideup to $1,500,000, together with other amounts necessary to pay costs of issuance, pay capitalizedinterest, and fund any debt service reserve requirements.
Amended by Chapter 382, 2008 General Session