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8 LONG TITLE
9 General Description:
10 This bill authorizes the State Building Ownership Authority to issue revenue bonds for
11 the construction of an arena at the state fair park.
12 Highlighted Provisions:
13 This bill:
14 . authorizes the State Building Ownership Authority to issue a $10,500,000
15 lease-purchase revenue bond to construct an arena at the state fair park.
16 Monies Appropriated in this Bill:
18 Other Special Clauses:
20 Utah Code Sections Affected:
22 63B-17-101, Utah Code Annotated 1953
24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 63B-17-101 is enacted to read:
28 63B-17-101. Revenue bond authorizations -- State Building Ownership Authority.
29 (1) It is the intent of the Legislature that the State Building Ownership Authority, under
30 the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may
31 issue or execute obligations, or enter into or arrange for a lease purchase agreement in which
32 participation interests may be created, to provide up to $10,500,000 for the construction of an
33 arena at the state fair park, together with additional amounts necessary to:
34 (a) pay costs of issuance;
35 (b) pay capitalized interest; and
36 (c) fund any debt service reserve requirements.
37 (2) The State Building Ownership Authority shall work cooperatively with the board of
38 directors of the Utah State Fair Corporation to seek out the most effective and prudent
39 lease-purchase plan available.
Legislative Review Note
as of 2-8-08 12:32 PM