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8 LONG TITLE
9 General Description:
10 This bill enacts provisions relating to 2021 revenue bonds and capital facility design
11 and construction authorizations.
12 Highlighted Provisions:
13 This bill:
14 ▸ expresses the Legislature's intent relating to the Utah Board of Higher Education's
15 issuance, sale, and delivery of revenue bonds to finance:
16 • the construction of West Village Graduate and Family Student Housing at the
17 University of Utah;
18 • the construction of the Impact - Epicenter building at the University of Utah;
19 • an expansion of the Electric Vehicle and Roadway building at Utah State
20 University;
21 • the construction of the Stewart Stadium east bleachers at Weber State
22 University; and
23 • the construction of the Noorda Engineering and Applied Science building at
24 Weber State University; and
25 ▸ expresses the Legislature's intent relating to the State Building Ownership
26 Authority's issuance of obligations to finance:
27 • a new state liquor store in the Sugarhouse area of Salt Lake City; and
28 • a new state liquor store in east Sandy.
29 Money Appropriated in this Bill:
30 None
31 Other Special Clauses:
32 None
33 Utah Code Sections Affected:
34 ENACTS:
35 63B-31-201, Utah Code Annotated 1953
36 63B-31-202, Utah Code Annotated 1953
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38 Be it enacted by the Legislature of the state of Utah:
39 Section 1. Section 63B-31-201 is enacted to read:
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42 63B-31-201. Revenue bond authorizations -- Utah Board of Higher Education.
43 (1) The Legislature intends that:
44 (a) the Utah Board of Higher Education, on behalf of the University of Utah, may
45 issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of
46 Utah to borrow money on the credit, revenues, and reserves of the university, other than
47 appropriations of the Legislature, to finance the cost of constructing the West Village Graduate
48 and Family Student Housing;
49 (b) the University of Utah use student housing rental fees and other auxiliary revenue
50 as the primary revenue sources for repayment of any obligation created under authority of this
51 Subsection (1);
52 (c) the amount of revenue bonds or evidences of indebtedness authorized by this
53 Subsection (1) may not exceed $125,800,000 for acquisition and construction proceeds,
54 together with other amounts necessary to pay costs of issuance, pay capitalized interest, and
55 fund any debt service reserve requirements;
56 (d) the university may plan, design, and construct the West Village Graduate and
57 Family Student Housing, subject to the requirements of Title 63A, Chapter 5b, Administration
58 of State Facilities; and
59 (e) the university may not request state funds for operation and maintenance costs or
60 capital improvements.
61 (2) The Legislature intends that:
62 (a) the Utah Board of Higher Education, on behalf of the University of Utah, may
63 issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of
64 Utah to borrow money on the credit, revenues, and reserves of the university, other than
65 appropriations of the Legislature, to finance the cost of constructing the Impact - Epicenter
66 building;
67 (b) the University of Utah use donations, student housing rental fees, and other
68 auxiliary revenue as the primary revenue sources for repayment of any obligation created under
69 authority of this Subsection (2);
70 (c) the amount of revenue bonds or evidences of indebtedness authorized by this
71 Subsection (2) may not exceed $85,700,000 for acquisition and construction proceeds, together
72 with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any
73 debt service reserve requirements;
74 (d) the university may plan, design, and construct the Impact - Epicenter building,
75 subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
76 (e) the university may not request state funds for operation and maintenance costs or
77 capital improvements.
78 (3) The Legislature intends that:
79 (a) the Utah Board of Higher Education, on behalf of the Utah State University, may
80 issue, sell, and deliver revenue bonds or other evidences of indebtedness of the Utah State
81 University to borrow money on the credit, revenues, and reserves of the university, other than
82 appropriations of the Legislature, to finance the cost of constructing an expansion of the
83 Electric Vehicle and Roadway building;
84 (b) Utah State University use research revenue, donations, and institutional funds as the
85 primary revenue sources for repayment of any obligation created under authority of this
86 Subsection (3);
87 (c) the amount of revenue bonds or evidences of indebtedness authorized by this
88 Subsection (3) may not exceed $9,200,000 for acquisition and construction proceeds, together
89 with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any
90 debt service reserve requirements;
91 (d) the university may plan, design, and construct the expansion of the Electric Vehicle
92 and Roadway building, subject to the requirements of Title 63A, Chapter 5b, Administration of
93 State Facilities; and
94 (e) the university may not request state funds for operation and maintenance costs or
95 capital improvements.
96 (4) The Legislature intends that:
97 (a) the Utah Board of Higher Education, on behalf of Weber State University, may
98 issue, sell, and deliver revenue bonds or other evidences of indebtedness of Weber State
99 University to borrow money on the credit, revenues, and reserves of the university, other than
100 appropriations of the Legislature, to finance the cost of constructing the Stewart Stadium east
101 bleachers;
102 (b) Weber State University use student fees and institutional funds as the primary
103 revenue sources for repayment of any obligation created under authority of this Subsection (4);
104 (c) the amount of revenue bonds or evidences of indebtedness authorized by this
105 Subsection (4) may not exceed $4,000,000 for acquisition and construction proceeds, together
106 with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any
107 debt service reserve requirements;
108 (d) the university may plan, design, and construct the Stewart Stadium east bleachers,
109 subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
110 (e) the university may not request additional state funds for operation and maintenance
111 costs or capital improvements.
112 (5) The Legislature intends that:
113 (a) the Utah Board of Higher Education, on behalf of Weber State University, may
114 issue, sell, and deliver revenue bonds or other evidences of indebtedness of Weber State
115 University to borrow money on the credit, revenues, and reserves of the university, other than
116 appropriations of the Legislature, to finance the cost of constructing the Noorda Engineering
117 and Applied Science building;
118 (b) Weber State University use lease payments as the primary revenue sources for
119 repayment of any obligation created under authority of this Subsection (5);
120 (c) the amount of revenue bonds or evidences of indebtedness authorized by this
121 Subsection (5) may not exceed $8,500,000 for acquisition and construction proceeds, together
122 with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any
123 debt service reserve requirements;
124 (d) the university may plan, design, and construct the Noorda Engineering and Applied
125 Science building, subject to the requirements of Title 63A, Chapter 5b, Administration of State
126 Facilities; and
127 (e) the university may not request additional state funds for operation and maintenance
128 costs or capital improvements.
129 Section 2. Section 63B-31-202 is enacted to read:
130 63B-31-202. State Building Ownership Authority obligations for new state liquor
131 stores.
132 (1) The Legislature intends that:
133 (a) the State Building Ownership Authority, under the authority of Title 63B, Chapter
134 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations or may
135 enter into or arrange for a lease-purchase agreement in which participation interests may be
136 created, to provide up to $11,725,700 for a Salt Lake City market area liquor store in
137 Sugarhouse, together with additional amounts necessary to pay costs of issuance, pay
138 capitalized interest, and fund any existing debt service reserve requirements;
139 (b) the Department of Alcoholic Beverage Control use sales revenues as the primary
140 revenue source for repayment of any obligation created under authority of this Subsection (1);
141 (c) the Department of Alcoholic Beverage Control may request operation and
142 maintenance funding from sales revenues; and
143 (d) the Department of Alcoholic Beverage Control use up to $5,000,000 to repay the
144 State Store Land Acquisition Fund under Section 32B-2-307.
145 (2) The Legislature intends that:
146 (a) the State Building Ownership Authority, under the authority of Title 63B, Chapter
147 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations or may
148 enter into or arrange for a lease-purchase agreement in which participation interests may be
149 created, to provide up to $5,524,000 for a Salt Lake City area market liquor store in east Sandy,
150 together with additional amounts necessary to pay costs of issuance, pay capitalized interest,
151 and fund any existing debt service reserve requirements;
152 (b) the Department of Alcoholic Beverage Control use sales revenues as the primary
153 revenue source for repayment of any obligation created under authority of this Subsection (2);
154 and
155 (c) the Department of Alcoholic Beverage Control may request operation and
156 maintenance funding from sales revenues.