Senator Chris H. Wilson proposes the following substitute bill:


1     
REVENUE BOND AND CAPITAL FACILITIES

2     
AMENDMENTS

3     
2021 GENERAL SESSION

4     
STATE OF UTAH

5     
Chief Sponsor: Chris H. Wilson

6     
House Sponsor: Douglas V. Sagers

7     

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
37     

38     Be it enacted by the Legislature of the state of Utah:
39          Section 1. Section 63B-31-201 is enacted to read:
40     
CHAPTER 31. 2021 BONDING AND FINANCING AUTHORIZATIONS

41     
Part 2. 2021 Revenue Bond Authorizations

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.