63B-15-201 - Revenue bond authorizations -- State Building Ownership Authority.
63B-15-201. Revenue bond authorizations -- State Building Ownership Authority.
(1) It is the intent of the Legislature that the State Building Ownership Authority, underthe authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issueor execute obligations, or enter into or arrange for a lease-purchase agreement in whichparticipation interests may be created, to provide up to $7,371,000 for the acquisition andconstruction of three stores for the Department of Alcoholic Beverage Control, together withadditional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debtservice reserve requirements.
(2) It is the intent of the Legislature that the stores to be addressed through thisauthorization are:
(a) a new store in the Holladay/Cottonwood area of Salt Lake County;
(b) expansion and remodel of the Kimball Junction store in Summit County; and
(c) expansion and remodel of the Redwood Road store in Salt Lake County.
(3) It is the intent of the Legislature that:
(a) increased sales revenues be used as the primary revenue source for repayment of anyobligation created under authority of this section; and
(b) the Department of Alcoholic Beverage Control may request operation andmaintenance funding from sales revenues.
Enacted by Chapter 169, 2006 General Session