63B-18-202 - Revenue bond authorizations -- Board of Regents.
63B-18-202. Revenue bond authorizations -- Board of Regents.
(1) The Legislature intends 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, other than appropriations of the Legislature,to finance the cost of constructing a south campus housing project;
(b) the University of Utah use student housing rental fees and parking fees as the primaryrevenue sources for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $48,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the south campus housing projectsubject to the requirements of Title 63A, Chapter 5, State Building Board - Division of FacilitiesConstruction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
(2) The Legislature intends 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, other than appropriations of the Legislature,to finance the cost of constructing an infrastructure development at the university "green field"site;
(b) the University of Utah use research overhead funds and infrastructure fees on newconstruction projects supported by this infrastructure development as the primary revenuesources for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $44,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the infrastructure development at theuniversity "green field" site subject to the requirements of Title 63A, Chapter 5, State BuildingBoard - Division of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
(3) The Legislature intends 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, other than appropriations of the Legislature,to finance the cost of constructing an expansion of the University Neuropsychiatric Institutesubject to the requirements of Subsection 63B-17-301(1);
(b) the University of Utah use institutional funds as the primary revenue source forrepayment of any obligation created under authority of this section; and
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $45,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(4) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and deliverrevenue bonds or other evidences of indebtedness of Utah State University to borrow money onthe credit, revenues, and reserves of the university, other than appropriations of the Legislature,to finance the cost of constructing a Vernal entrepreneurship and energy research center subjectto the requirements of Subsection 63B-17-301(4);
(b) Utah State University use institutional funds as the primary revenue source forrepayment of any obligation created under authority of this section; and
(c) the maximum amount of revenue bonds or other evidences of indebtednessauthorized by this section is $3,800,000, together with other amounts necessary to pay costs ofissuance, pay capitalized interest, and fund any debt service reserve requirements.
Enacted by Chapter 134, 2009 General Session