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