63B-32 - 2022 Bonding and Financing Authorizations

Title 63B > 63B-32

Sections (2)

2022 Revenue Bond Authorizations

63B-32-101 - Revenue bond authorizations — Utah Board of Higher Education.

63B-32-101(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 fourth wing of Kahlert Village;the University of Utah use student housing rental fees and other auxiliary revenues 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 $47,600,000foracquisitionandconstructionproceeds,togetherwithotheramountsnecessarytopaycostsofissuance,paycapitalizedinterest,andfundanydebtservicereserverequirements;theuniversitymayplan,design,andconstructthefourthwingofKahlertVillagesubjecttotherequirementsofTitle63A,Chapter5b,AdministrationofStateFacilities;andtheuniversitymaynotrequeststatefundsforoperationandmaintenancecostsorcapitalimprovements.\ast \ast 63B-32-101(2)\ast \ast TheLegislatureintendsthat:theUtahBoardofHigherEducation,onbehalfoftheUniversityofUtah,mayissue,sell,anddeliverrevenuebondsorotherevidencesofindebtednessoftheUniversityofUtahtoborrowmoneyonthecredit,revenues,andreservesoftheuniversity,otherthanappropriationsoftheLegislature,tofinancethecostofconstructingtheWestValleyHealthandCommunityCenter;theUniversityofUtahuseclinicalrevenuesandothernon-staterevenuesoftheUniversityofUtahHealthSciencesastheprimaryrevenuesourcesforrepaymentofanyobligationcreatedunderauthorityofthisSubsection(2);theamountofrevenuebondsorevidencesofindebtednessauthorizedbythisSubsection(2)maynotexceed$800,000,000 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 West Valley Health and Community Center subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; andthe university may not request state funds for operation and maintenance costs or capital improvements. 63B-32-101(3) The Legislature intends that:the Utah Board of Higher Education, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah 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 improvements to Maverik Stadium;Utah State University use existing student fees 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 $7,000,000foracquisitionandconstructionproceeds,togetherwithotheramountsnecessarytopaycostsofissuance,paycapitalizedinterest,andfundanydebtservicereserverequirements;theuniversitymayplan,design,andconstructimprovementstoMaverikStadiumsubjecttotherequirementsofTitle63A,Chapter5b,AdministrationofStateFacilities;andtheuniversitymaynotrequeststatefundsforoperationandmaintenancecostsorcapitalimprovements.\ast \ast 63B-32-101(4)\ast \ast TheLegislatureintendsthat:theUtahBoardofHigherEducation,onbehalfofDixieStateUniversity,mayissue,sell,anddeliverrevenuebondsorotherevidencesofindebtednessofDixieStateUniversitytoborrowmoneyonthecredit,revenues,andreservesoftheuniversity,otherthanappropriationsoftheLegislature,tofinancethecostofconstructingCampusViewSuitesPhaseThree;DixieStateUniversityusestudenthousingrentalfeesandotherauxiliaryrevenuesastheprimaryrevenuesourcesforrepaymentofanyobligationcreatedunderauthorityofthisSubsection(4);theamountofrevenuebondsorevidencesofindebtednessauthorizedbythisSubsection(4)maynotexceed$62,500,000 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 Campus View Suites Phase Three subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; andthe university may not request additional state funds for operation and maintenance costs or capital improvements. 63B-32-101(5) The Legislature intends that:the Utah Board of Higher Education, on behalf of Utah Valley University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah Valley 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 a parking garage;Utah Valley University use parking fees and other auxiliary revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (5);the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (5) may not exceed $12,000,000foracquisitionandconstructionproceeds,togetherwithotheramountsnecessarytopaycostsofissuance,paycapitalizedinterest,andfundanydebtservicereserverequirements;theuniversitymayplan,design,andconstructaparkinggaragesubjecttotherequirementsofTitle63A,Chapter5b,AdministrationofStateFacilities;andtheuniversitymaynotrequestadditionalstatefundsforoperationandmaintenancecostsorcapitalimprovements.\ast \ast 63B-32-101(6)\ast \ast TheLegislatureintendsthat:theUtahBoardofHigherEducation,onbehalfoftheUniversityofUtah,mayissue,sell,anddeliverrevenuebondsorotherevidencesofindebtednessoftheUniversityofUtahtoborrowmoneyonthecredit,revenues,andreservesoftheuniversity,otherthanappropriationsoftheLegislature,tofinancetheuniversit{y}^{\prime }sshareofthecostofconstructingtheAppliedSciencesBuilding;theUniversityofUtahusedonationsanduniversityfundsastheprimaryrevenuesourcesforrepaymentofanyobligationcreatedunderauthorityofthisSubsection(6);andtheamountofrevenuebondsorevidencesofindebtednessauthorizedbythisSubsection(6)maynotexceed$25,000,000 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. 63B-32-101(7) 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 University’s share of the cost of constructing a Mental Health Facility;the University of Utah use donations as the primary revenue sources for repayment of any obligation created under authority of this Subsection (7); andthe amount of revenue bonds or evidences of indebtedness authorized by this Subsection (7) may not exceed $65,000,000foracquisitionandconstructionproceeds,togetherwithotheramountsnecessarytopaycostsofissuance,paycapitalizedinterest,andfundanydebtservicereserverequirements.\ast \ast 63B-32-101(8)\ast \ast TheLegislatureintendsthat:theUtahBoardofHigherEducation,onbehalfofSouthernUtahUniversity,mayissue,sell,anddeliverrevenuebondsorotherevidencesofindebtednessofSouthernUtahUniversitytoborrowmoneyonthecredit,revenues,andreservesoftheuniversity,otherthanappropriationsoftheLegislature,tofinancethecostofpurchasingTheCottagesatShakespeareLaneapartmentcomplexandadjoininghome;SouthernUtahUniversityusedonations,studenthousingrentalfees,andotherauxiliaryrevenuesastheprimaryrevenuesourcesforrepaymentofanyobligationcreatedunderauthorityofthisSubsection(8);theamountofrevenuebondsorevidencesofindebtednessauthorizedbythisSubsection(8)maynotexceed$12,000,000 for acquisition proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; andthe university may not request state funds for operation and maintenance costs or capital improvements. 63B-32-101(9) 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 an indoor football practice facility;the University of Utah use donations and nonstate university funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (9);the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (9) may not exceed $62,000,000 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 indoor football practice facility, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; andthe university may not request state funds for operation and maintenance costs or capital improvements.

63B-32-102 - State Building Ownership Authority obligations for new state liquor stores.

63B-32-102(1) The Legislature intends that:

the State Building Ownership Authority, under the authority of Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $8,214,253 for a Summit County market area liquor store in Park City, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements; the Department of Alcoholic Beverage Control use sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection (1); and the Department of Alcoholic Beverage Control may request operation and maintenance funding from sales revenues. 63B-32-102(2) The Legislature intends that:

the State Building Ownership Authority, under the authority of Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $7,455,342 for a Washington County area market liquor store in St. George, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements; the Department of Alcoholic Beverage Control use sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection (2); and the Department of Alcoholic Beverage Control may request operation and maintenance funding from sales revenues.