63B-19-101. Capital facilities bonds -- Utah Science Technology and Research Governing Authority -- Maximum amount -- Projects authorized.
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Effective 5/12/2015
63B-19-101. Capital facilities bonds -- Utah Science Technology and Research Governing Authority -- Maximum amount -- Projects authorized.
(1)The bonds issued under this section may not exceed $46,000,000 for acquisition and construction proceeds, plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any debt service reserve requirements, with the total amount of the bonds not to exceed $46,460,000.
(a)Proceeds from the issuance of bonds shall be provided to the Utah Science Technology and Research Governing Authority to provide funds to pay all or part of the cost of constructing the projects listed in this Subsection
(2).
(b)These costs may include the cost of acquiring easements and rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities and all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, and all related engineering, architectural, and legal fees.
(c)For the Utah Science Technology and Research Governing Authority, proceeds shall be provided for the following:
CAPITAL DEVELOPMENT PROJECTS
Project Description Estimated Operations and Maintenance
Amount
Funded
Bio Innovations Research Institute --
Utah State University
$0
$18,400,000
Neuroscience and Biomedical Technology
Research Building -- University of Utah $0 $27,600,000
TOTAL CAPITAL DEVELOPMENT PROJECTS $46,000,000
ADDITIONAL AUTHORIZED AMOUNTS $460,000
TOTAL GENERAL OBLIGATION BOND AUTHORIZATION FOR CAPITAL DEVELOPMENT PROJECTS
$46,460,000
(a)The amounts funded as listed in Subsection
(2)are estimates only and do not constitute a limitation on the amount that may be expended for the projects.
(b)The commission, by resolution and in consultation with the Utah Science Technology and Research Governing Authority, may delete the project if the inclusion of that project could be construed to violate state law or federal law or regulation.
(4)The Utah Science Technology and Research Governing Authority may enter into agreements related to the project before the receipt of proceeds of bonds issued under this chapter.
(5)The commission or the state treasurer may make any statement of intent relating to that reimbursement that is necessary or desirable to comply with federal tax law.
(6)The Utah Science Technology and Research Governing Authority shall contract with the Division of Facilities Construction and Management to oversee construction of the buildings.
(7)The Utah Science Technology and Research Governing Authority may not delegate authority over construction of the capital development projects identified in this section to any entity other than the Division of Facilities Construction and Management.
Amended by Chapter 357 , 2015 General Session