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S.B. 161

             1     

REVENUE BOND FOR UTAH STATE FAIR

             2     
PARK

             3     
2001 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: Pete Suazo

             6      This act modifies the Bonds Code to decrease the revenue bond authorization for the
             7      construction of a multipurpose building for the state fair park.
             8      This act affects sections of Utah Code Annotated 1953 as follows:
             9      AMENDS:
             10          63B-9-102, as enacted by Chapter 350, Laws of Utah 2000
             11      Be it enacted by the Legislature of the state of Utah:
             12          Section 1. Section 63B-9-102 is amended to read:
             13           63B-9-102. Revenue bond authorizations.
             14          (1) It is the intent of the Legislature that the State Building Ownership Authority, under
             15      the authority of Title 63, Chapter 9a, State Building Ownership Act, may issue or execute
             16      obligations, or enter into or arrange for a lease purchase agreement in which participation interests
             17      may be created, to provide up to [$10,500,000] $4,000,000 for the construction of a multipurpose
             18      building for the state fair park, together with additional amounts necessary to:
             19          (a) pay costs of issuance;
             20          (b) pay capitalized interest; and
             21          (c) fund any debt service reserve requirements.
             22          (2) The State Building Ownership Authority shall work cooperatively with the board of
             23      directors of the Utah State Fair Corporation to seek out the most effective and prudent lease
             24      purchase plan available.





Legislative Review Note
    as of 1-25-01 8:39 AM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


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