63B-34 - 2025 Bonding and Financing Authorizations
Title 63B > 63B-34
Sections (3)
2025 General Obligation Bonding Authorizations
63B-34-101 - Transportation bonds — Maximum amount — Use for transportation projects related to affordable housing initiatives.
63B-34-101(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $70,000,000.When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the projects described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount plus costs of issuance.The commission may not issue general obligation bonds authorized under this section if the issuance for general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in Utah Constitution, Article XIV, Section 1. 63B-34-101(2) Proceeds from the bonds issued under this section shall be provided to the Department of Transportation through the Transportation Investment Fund of 2005 created in Section 72-2-124 to pay for or to provide funds to public entities for costs related to affordable housing initiatives as described in Subsection (2)(b).Bond proceeds described under Subsection (2)(a) shall be used to pay for infrastructure to assist in affordable housing related grants and allocated as described in Title 72, Chapter 2, Part 5, Affordable Housing Infrastructure Grants.The costs under this Subsection (2) may include the costs of acquiring land, interests in land, easements and rights-of-way, the costs of improving sites, making all improvements necessary, incidental, or convenient to the facilities, and the costs of interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, interest estimated to accrue on any bond anticipation notes issued under the authority of this title, and all related engineering, architectural, and legal fees. 63B-34-101(3) The executive director of the Department of Transportation may allocate bond proceeds under this section as provided in Title 72, Chapter 2, Part 5, Affordable Housing Infrastructure Grants.
2025 Bonding and Financing Authorizations
63B-34-201 - Revenue bond authorizations — Utah Board of Higher Education.
63B-34-201(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 Huntsman Cancer Institute Vineyard Campus Facility;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 800 East Residence Hall project 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-34-202 - Revenue bond authorizations — State Building Ownership Authority.
63B-34-202(1) the State Building Ownership Authority, under the authority of Title 63B, 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 $85,000,000 for a warehouse facility and club store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements; 63B-34-202(2) the Department of Alcoholic Beverage Services use sales revenues as the primary revenue source for repayment of any obligation created under authority of this section; 63B-34-202(3) the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues; and 63B-34-202(4) before the State Building Ownership Authority takes any action under this section, the Department of Alcoholic Beverage Services, the Division of Facilities and Construction Management, and the state treasurer jointly provide to the Executive Appropriations Committee and the Governor’s Office of Planning and Budget a report that describes the plans related to the potential action, including facility specifications, construction cost, operations and maintenance projections, and expected terms of finance.