63B-16-201. Revenue bond authorizations -- State Building Ownership Authority.

341 words·~2 min read·/ut/title-63b/chapter-16/63b-16-201

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 6/1/2022

(1)It is the intent of the Legislature 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 enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $5,662,000 for the acquisition and construction of three stores for the Department of Alcoholic Beverage Services, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(b)the stores to be addressed through this authorization are:

(i)expansion of the North Temple store in Salt Lake County;

(ii)expansion of the Taylorsville store in Salt Lake County; and

(iii)reconstruction of the Bountiful store in Davis County;

(c)increased sales revenues be used as the primary revenue source for repayment of any obligation created under authority of this section; and

(d)the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.

(2)It is the intent of the Legislature 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 enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $1,476,000 for the acquisition and construction of a production warehouse for Utah Correctional Industries, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(b)Utah Correctional Industries' revenues be used as the primary revenue source for repayment of any obligation created under authority of this section;

(c)Utah Correctional Industries may plan, design, and construct the production warehouse subject to requirements in Section 63A-5b-604 ; and

(d)Utah Correctional Industries may not request state funds for operation and maintenance costs or capital improvements.

Amended by Chapter 447 , 2022 General Session