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H.B. 497

             1     

REVENUE BOND AUTHORIZATION FOR

             2     
STATE FAIR PARK

             3     
2008 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Neal B. Hendrickson

             6     
Senate Sponsor: Mike Dmitrich

             7     
             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:
             17          None
             18      Other Special Clauses:
             19          None
             20      Utah Code Sections Affected:
             21      ENACTS:
             22          63B-17-101, Utah Code Annotated 1953
             23     
             24      Be it enacted by the Legislature of the state of Utah:
             25          Section 1. Section 63B-17-101 is enacted to read:
             26     
CHAPTER 17. 2008 BONDING AND FINANCING AUTHORIZATIONS

             27     
Part 1. 2008 Revenue Bond Authorizations


             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


Office of Legislative Research and General Counsel


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