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S.B. 2005 Enrolled

                 

2001 REVENUE BOND AUTHORIZATIONS

                 
AMENDMENT

                 
2001 SECOND SPECIAL SESSION

                 
STATE OF UTAH

                 
Sponsor: Beverly Ann Evans

                  This act amends the revenue bond authority of the State Building Ownership Authority.
                  This act modifies previously adopted intent language. This act has an immediate effective
                  date.
                  This act affects sections of Utah Code Annotated 1953 as follows:
                  AMENDS:
                      63B-10-301, as enacted by Chapter 321, Laws of Utah 2001
                  Be it enacted by the Legislature of the state of Utah:
                      Section 1. Section 63B-10-301 is amended to read:
                       63B-10-301. Revenue bond authorizations.
                      (1) (a) It is the intent of the Legislature that the State Building Ownership Authority, under
                  the authority of Title 63, Chapter 9a, 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 $8,281,000 for the construction of an expansion of the
                  Department of Alcoholic Beverage Control warehouse 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 enhanced revenues of the Department of
                  Alcoholic Beverage Control 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 63, Chapter 9a, 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 $957,100 for the acquisition of a site and construction of a store
                  in the western part of Salt Lake County 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 enhanced revenues of the Department of Alcoholic
                  Beverage Control 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 63, Chapter 9a, 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 $1,497,700 for the acquisition of a site and construction of a store
                  in the southern part of Salt Lake County 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 enhanced revenues of the Department of Alcoholic
                  Beverage Control 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 63, Chapter 9a, 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 $100,000,000 for the acquisition and construction of a cancer
                  clinical research hospital facility adjacent to the University of Utah Medical Center, together with
                  additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt
                  service reserve requirements.
                      (b) The State Building Ownership Authority shall work cooperatively with the Division of
                  Facilities Construction and Management and the University of Utah to seek out the most cost
                  effective and prudent lease purchase plan available.
                      (c) It is the intent of the Legislature that the University of Utah lease land to the State
                  Building Ownership Authority for the construction of a cancer clinical research hospital facility
                  adjacent to the University of Utah Medical Center.
                      (d) The anticipated revenue sources for repayment of any obligation created under authority

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                  of this section are:
                      [(i) 60% from the Huntsman Cancer Foundation; and]
                      [(ii)] (i) [40% from] the institutional funds of the University of Utah, including the
                  University's annual distribution of tobacco settlement funds from the state[.]; and
                      (ii) donations from the Huntsman Cancer Foundation and other donors.
                      (e) By September 1 of each year of the existence of this revenue bond, the University of Utah
                  shall give an annual report regarding the status of the bond and the bond payments to the Legislative
                  Fiscal Analyst. This report shall be reviewed by the Higher Education Appropriations Subcommittee
                  and the Capital Facilities Appropriation Subcommittee.
                      (5) It is the intent of the Legislature that:
                      (a) the Board of Regents, on behalf of the University of Utah, 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 of Utah, other than appropriations of the Legislature, to
                  finance the cost of acquiring, constructing, furnishing, and equipping an expansion of the University
                  Hospital;
                      (b) University Hospital revenues be used as the primary revenue source for repayment of any
                  obligation created under authority of this section; and
                      (c) the bonds or other evidences of indebtedness authorized by this section may provide up
                  to $25,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized
                  interest, and fund any debt service reserve requirements.
                      (6) It is the intent of the Legislature that:
                      (a) the Board of Regents, on behalf of Salt Lake Community College, issue, sell, and deliver
                  revenue bonds or other evidences of indebtedness of Salt Lake Community College to borrow money
                  on the credit, revenues, and reserves of Salt Lake Community College, other than appropriations of
                  the Legislature, to finance the cost of acquiring, constructing, furnishing, and equipping the remodel
                  of the cafeteria and expansion of the Student Center;
                      (b) student fees be used as the primary revenue source for repayment of any obligation
                  created under authority of this section; and

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                      (c) the bonds or other evidences of indebtedness authorized by this section may provide up
                  to $6,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized
                  interest, and fund any debt service reserve requirements.
                      (7) It is the intent of the Legislature that:
                      (a) the Board of Regents, on behalf of Dixie College, issue, sell, and deliver revenue bonds
                  or other evidences of indebtedness of Dixie College to borrow money on the credit, revenues, and
                  reserves of Dixie College, other than appropriations of the Legislature, to finance the cost of
                  acquiring, constructing, furnishing, and equipping an expansion of the Gardner Student Center;
                      (b) student fees be used as the primary revenue source for repayment of any obligation
                  created under authority of this section; and
                      (c) the bonds or other evidences of indebtedness authorized by this section may provide up
                  to $1,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized
                  interest, and fund any debt service reserve requirements.
                      Section 2. Effective date.
                      If approved by two-thirds of all the members elected to each house, this act takes effect upon
                  approval by the governor, or the day following the constitutional time limit of Utah Constitution
                  Article VII, Section 8, without the governor's signature, or in the case of a veto, the date of veto
                  override.

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