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S.B. 2005 Enrolled
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
of this section are:
[
[
University's annual distribution of tobacco settlement funds from the state[
(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
(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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