AMENDMENTS
LONG TITLE
General Description:
This bill authorizes certain state agencies and institutions to issue revenue bonds, and authorizes the construction or renovation of capital facilities using agency, institutional, or donated funds.
Highlighted Provisions:
This bill:
▸ modifies an authorization to use institutional or agency funds to plan, design, and construct a capital facilities project;
▸ authorizes the State Building Ownership Authority to issue revenue bonds as follows:
• $86,936,000 for expanding the Fourth District Provo Courthouse; and
• $4,447,900 for constructing a West Valley Liquor Store; and
▸ authorizes the Board of Regents to issue revenue bonds as follows:
• up to $45,000,000 for redeveloping Orson Spencer Hall at the University of Utah;
• up to $23,100,000 for replacing the Valley View Residence Hall at Utah State University;
• up to $23,000,000 for renovating Romney Stadium at Utah State University; and
• up to $20,000,000 for constructing a student housing project at Dixie State University.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
63B-23-201, as enacted by Laws of Utah 2014, Chapter 113
ENACTS:
63B-24-101, Utah Code Annotated 1953
63B-24-102, Utah Code Annotated 1953
63B-24-201, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 63B-23-201 is amended to read:
63B-23-201. Authorizations to design and construct capital facilities using institutional or agency funds.
(1) The Legislature intends that:
(a) the University of Utah may, subject to requirements in Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $10,000,000 in donations and institutional funds to plan, design, and construct an expansion and renovation of the Alumni House at the University of Utah with up to an additional 17,000 new square feet;
(b) the university may not use state funds for any portion of this project; and
(c) the university may not use state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the Department of Public Safety may, subject to requirements in Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $875,000 in nonlapsing balances and an additional $400,000 appropriated from the Department of Public Safety Restricted Account to plan, design, and construct a Communications and Drivers License Building in Vernal with up to 3,500 square feet;
(b) the department may not use state funds for any portion of this project; and
(c) the department may use state funds for operation and maintenance costs or capital improvements.
Section 2. Section 63B-24-101 is enacted to read:
CHAPTER 24. BONDING AND FINANCING AUTHORIZATIONS
Part 1. 2015 Revenue Bond Authorizations
63B-24-101. Revenue bond authorizations -- State Building Ownership Authority.
(1) The Legislature intends that:
(a) the State Building Ownership Authority, under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations, or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $86,936,000 for the Fourth District Provo Courthouse Expansion, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;
(b) the judicial branch use court fees and existing lease budgets as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); and
(c) the judicial branch may use state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the State Building Ownership Authority, under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations, or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $4,447,900 for a West Valley Liquor Store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;
(b) the Department of Alcoholic Beverage Control use increased sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection (2); and
(c) the Department of Alcoholic Beverage Control may request operation and maintenance funding from sales revenues.
Section 3. Section 63B-24-102 is enacted to read:
63B-24-102. Revenue bond authorizations -- Board of Regents.
(1) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may 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, other than appropriations of the Legislature, to finance the cost of constructing the Orson Spencer Hall Redevelopment;
(b) the University of Utah use student fees and donations as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) is $45,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university shall plan, design, and construct the Orson Spencer Hall Redevelopment subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management; and
(e) the university may use state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Valley View Residence Hall Replacement;
(b) Utah State University use revenues from housing operations as the primary revenue source for repayment of any obligation created under authority of this Subsection (2);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) is $23,100,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university shall plan, design, and construct the Valley View Residence Hall Replacement subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
(3) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Romney Stadium Westside Renovation;
(b) Utah State University use gate receipts and donations as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) is $23,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university shall plan, design, and construct the Romney Stadium Westside Renovation subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
(4) The Legislature intends that:
(a) the Board of Regents, on behalf of Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing a Student Housing Project;
(b) Dixie State University use rental fees and other auxiliary income as the primary revenue sources for repayment of any obligation created under authority of this Subsection (4);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (4) is $20,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university shall plan, design, and construct the Student Housing Project subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
Section 4. Section 63B-24-201 is enacted to read:
Part 2. 2015 Capital Facility Design and Construction Authorizations
63B-24-201. Authorizations to design and construct capital facilities using institutional or agency funds.
(1) The Legislature intends that:
(a) the University of Utah may, subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $8,200,000 in institutional funds to plan, design, and construct the William C. Browning Building Addition with up to 24,000 square feet;
(b) the university may not use state funds for any portion of this project; and
(c) the university may use state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) Utah State University may, subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $10,000,000 in institutional funds to plan, design, and construct the Fine Arts Complex Addition/Renovation with up to 17,000 square feet;
(b) the university may not use state funds for any portion of this project; and
(c) the university may use state funds for operation and maintenance costs or capital improvements.
(3) The Legislature intends that:
(a) Salt Lake Community College may, subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $3,900,000 in institutional funds to plan, design, and construct a Strength and Conditioning Center with up to 11,575 square feet;
(b) the college may not use state funds for any portion of this project; and
(c) the college may not request state funds for operation and maintenance costs or capital improvements.
(4) The Legislature intends that:
(a) the Governor's Office of Economic Development may, subject to the requirements of Title 63A, Chapter 5, State Building Board - Division of Facilities Construction and Management, use up to $1,800,000 in nonlapsing balances and donations to plan, design, and construct a Southern Utah Welcome Center with up to 5,000 square feet;
(b) the office may request additional state funds for the project, unless the office receives donations and begins design or construction of the project; and
(c) the office may use state funds for operation and maintenance costs or capital improvements.