63B-19-101 - Capital facilities bonds -- Utah Science Technology and Research Governing Authority -- Maximum amount -- Projects authorized.
63B-19-101. Capital facilities bonds -- Utah Science Technology and ResearchGoverning Authority -- Maximum amount -- Projects authorized.
(1) The bonds issued under this section may not exceed $46,000,000 for acquisition andconstruction proceeds, plus additional amounts necessary to pay costs of issuance, to paycapitalized interest, and to fund any debt service reserve requirements, with the total amount ofthe bonds not to exceed $46,460,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Utah ScienceTechnology and Research Governing Authority to provide funds to pay all or part of the cost ofconstructing the projects listed in this Subsection (2).
(b) These costs may include the cost of acquiring easements and rights-of-way,improving sites, and acquiring, constructing, equipping, and furnishing facilities and allstructures, roads, parking facilities, utilities, and improvements necessary, incidental, orconvenient to the facilities, interest estimated to accrue on these bonds during the period to becovered by construction of the projects plus a period of six months after the end of theconstruction period, and all related engineering, architectural, and legal fees.
(c) For the Utah Science Technology and Research Governing Authority, proceeds shallbe provided for the following:
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CAPITAL DEVELOPMENT PROJECTS
Estimated Operations Amount
Project Description and Maintenance Funded
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Bio Innovations Research Institute --
Utah State University $0 $18,400,000
Neuroscience and Biomedical Technology
Research Building -- University of Utah $0 $27,600,000
TOTAL CAPITAL DEVELOPMENT PROJECTS $46,000,000
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ADDITIONAL AUTHORIZED AMOUNTS $460,000
TOTAL GENERAL OBLIGATION BOND AUTHORIZATION
FOR CAPITAL DEVELOPMENT PROJECTS $46,460,000
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(d) The Legislature intends that the Utah Science Technology and Research GoverningAuthority pay the operations and maintenance costs on the research buildings authorized by thissection.
(3) (a) The amounts funded as listed in Subsection (2) are estimates only and do notconstitute a limitation on the amount that may be expended for the projects.
(b) The commission, by resolution and in consultation with the Utah Science Technologyand Research Governing Authority, may delete the project if the inclusion of that project couldbe construed to violate state law or federal law or regulation.
(4) The Utah Science Technology and Research Governing Authority may enter intoagreements related to the project before the receipt of proceeds of bonds issued under thischapter.
(5) The commission or the state treasurer may make any statement of intent relating tothat reimbursement that is necessary or desirable to comply with federal tax law.
(6) The Utah Science Technology and Research Governing Authority shall contract withthe Division of Facilities Construction and Management to oversee construction of the buildings.
(7) The Utah Science Technology and Research Governing Authority may not delegateauthority over construction of the capital development projects identified in this section to anyentity other than the Division of Facilities Construction and Management.
Enacted by Chapter 181, 2010 General Session