63B-30 - 2020 Bonding and Financing Authorizations
Title 63B > 63B-30
Sections (3)
General Obligation Bonds
63B-30-101 - General obligation bonds for transportation projects.
63B-30-101(1) As used in this section, “transportation projects” means Department of Transportation projects described in Subsection 63B-27-101(2). 63B-30-101(2) When the Department of Transportation certifies to the commission that the requirements of Subsection 72-2-124(7) have been met and certifies the amount of bond proceeds that the commission needs to provide funding for the transportation projects for the current or next fiscal year, the commission may issue and sell general obligation bonds in an amount equal to the certified amount, plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any existing debt services reserve requirements, not to exceed 1% of the certified amount. The commission may issue general obligation bonds authorized under this section if the issuance of general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. 63B-30-101(3) The commission may issue general obligation bonds as provided in this section. 63B-30-101(4) The total amount of bonds to be issued under this section may not exceed 92,000,000. 63B-30-101(5) The commission shall ensure that proceeds from the issuance of bonds under this section are provided to the Department of Transportation for use by the Department of Transportation to pay all or part of the cost of the transportation projects, including:
interest estimated to accrue on the bonds authorized in this section until the completion of construction of the transportation project, plus a period of 12 months after the end of construction; and all related engineering, architectural, and legal fees. 63B-30-101(6) The Department of Transportation shall transfer $20,000,000 of bond proceeds under this section to the Governor’s Office of Economic Opportunity for a transportation-related project in a project area created by the military installation development authority, created in Section 63H-1-201. 63B-30-101(7) The Department of Transportation may enter into agreements related to the transportation projects before the receipt of proceeds of bonds issued under this section. The state intends to use proceeds of tax-exempt bonds to reimburse itself for expenditures for costs of the transportation projects. 63B-30-101(8) This section supersedes any conflicting provisions of Utah law.
2020 Revenue Bond Authorizations
63B-30-201 - Revenue bond authorizations — Utah Board of Higher Education.
63B-30-201(1) The Legislature intends that:
the Utah Board of Higher Education, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Health Sciences campus office building; the University of Utah use clinical revenues and other non-state revenues of the University of Utah Health Sciences as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $100,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct the Health Sciences campus office building, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request state funds for operation and maintenance costs or capital improvements. 63B-30-201(2) The Legislature intends that:
the Utah Board of Higher Education, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Health Sciences garage and roadway improvements; the University of Utah use clinical, parking, and other non-state revenues of the University of Utah Health Sciences as the primary revenue sources for repayment of any obligation created under authority of this Subsection (2); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $80,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct the Health Sciences garage and roadway improvements, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request state funds for operation and maintenance costs or capital improvements. 63B-30-201(3) The Legislature intends that:
the Utah Board of Higher Education, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of purchasing the 102 Tower Building located at 102 South 200 East in Salt Lake City, Utah; the University of Utah use hospital and institutional lease payments as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) may not exceed $50,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may purchase the 102 Tower Building; and the university may not request state funds for operation and maintenance costs or capital improvements. 63B-30-201(4) The Legislature intends that:
the Utah Board of Higher Education, on behalf of Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing an expansion of the Greater Zion Stadium; Dixie State University use Washington County tourism marketing revenue, donations, and institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (4); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (4) may not exceed $10,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct an expansion of the Greater Zion Stadium, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request state funds for operation and maintenance costs or capital improvements.
2020 Capital Facility Design and Construction Authorization
63B-30-301 - Authorization to design and construct capital facilities using institutional or agency funds.
63B-30-301(1) The Legislature intends that:
the University of Utah may, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities, use up to $9,685,000 in donations and institutional funds to plan, design, and construct an addition to the Rio Tinto Kennecott Building; the university may not use state funds for any portion of this project; and the university may use state funds for operation and maintenance costs and capital improvements. 63B-30-301(2) The Legislature intends that:
Utah State University may, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities, use up to $1,600,000 in institutional funds to plan, design, and construct or purchase and remodel a Blanding Professional Career and Technical Education Lab; the university may not use state funds for any portion of this project; and the university may use state funds for operation and maintenance costs and capital improvements.