Title 63B Bonds
Chapter 13 2004 Bonding and Financing Authorizations
Section 201 Revenue bond authorizations -- State Building Ownership Authority.
63B-13-201. Revenue bond authorizations -- State Building Ownership Authority.
(1) (a) It is the intent of the Legislature that the State Building Ownership Authority,
under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Act, may issue or
execute obligations, or enter into or arrange for a lease purchase agreement in which participation
interests may be created, to provide up to $8,205,000 for the acquisition and construction of five
stores for the Department of Alcoholic Beverage Control, together with additional amounts
necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve
requirements.
(b) It is the intent of the Legislature that the stores to be addressed through this
authorization are:
(i) a new Park City store;
(ii) replacement of the Mount Olympus store;
(iii) replacement of the Ogden City 2nd Street store;
(iv) replacement of the Ogden Patterson Street store; and
(v) expansion of the Provo store.
(c) It is the intent of the Legislature that proceeds from the sale of stores replaced through
this authorization shall be deposited in the General Fund.
(d) It is further the intent of the Legislature that increased sales revenues be used as the
primary revenue source for repayment of any obligation created under authority of this
Subsection (1).
(2) (a) It is the intent of the Legislature that 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 enter into or arrange for a lease purchase agreement in which
participation interests may be created, to provide up to $8,914,000 for the acquisition and
construction of a new regional office building in Ogden, together with additional amounts
necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve
requirements.
(b) It is further the intent of the Legislature that existing rent budgets be used as the
primary revenue source for repayment of any obligation created under authority of this
Subsection (2).
(3) (a) It is the intent of the Legislature that 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 enter into or arrange for a lease-purchase agreement in which
participation interests may be created, to provide up to $1,450,000 for the acquisition of the
leased regional office building and adjacent land in Moab, together with additional amounts
necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve
requirements.
(b) It is further the intent of the Legislature that existing rent budgets be used as the
primary revenue source for repayment of any obligation created under authority of this
Subsection (3).
(4) (a) It is the intent of the Legislature that 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 enter into or arrange for a lease-purchase agreement in which
participation interests may be created, to provide up to $7,103,000 for the acquisition of the
Tooele Courts building and adjacent land in Tooele City, together with additional amounts
necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve
requirements.
(b) It is further the intent of the Legislature that court fees be used as the primary revenue
source for repayment of any obligation created under authority of this Subsection (4).
Enacted by Chapter 364, 2004 General Session
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