63B-14-202 - Revenue bond authorizations -- Board of Regents.
63B-14-202. Revenue bond authorizations -- Board of Regents.
(1) It is the intent of the Legislature that:
(a) the Board of Regents, on behalf of the University of Utah, may 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 a west wing,two levels to the Eccles Critical Care Pavilion, and parking expansion at the University Hospital;
(b) hospital revenues be used as the primary revenue source for repayment of anyobligation created under authority of this Subsection (1);
(c) the bonds or other evidences of indebtedness authorized by this Subsection (1) mayprovide up to $90,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) funds from the University Hospital Foundation, hospital operations, and otherinstitutional funds be used to fund the balance of the project costs;
(e) the University of Utah may plan, design, and construct a west wing and parkingexpansion at the University Hospital under the direction of the director of the Division ofFacilities Construction and Management unless supervisory authority has been delegated; and
(f) the university may not request state funds for operations and maintenance.
(2) It is the intent of the Legislature that:
(a) the Board of Regents, on behalf of Weber State University, may issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Weber State University to borrowmoney on the credit, revenues, and reserves of Weber State University, other than appropriationsof the Legislature, to finance the cost of renovating the Shepherd Union Building;
(b) student fees be used as the primary revenue source for repayment of any obligationcreated under authority of this Subsection (2);
(c) the bonds or other evidences of indebtedness authorized by this Subsection (2) mayprovide up to $20,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) Weber State University may plan, design, and renovate the Shepherd Union Buildingunder the direction of the director of the Division of Facilities Construction and Managementunless supervisory authority has been delegated; and
(e) the university may not request state funds for operations and maintenance.
Amended by Chapter 169, 2006 General Session