63B-19-102. Revenue bond authorizations -- Board of Regents.

1,017 words·~5 min read·/ut/title-63b/chapter-19/63b-19-102·

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(1)The Legislature intends that:

(a)the Board of Regents, on behalf of Weber State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Weber 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 demolition, replacement, and construction of student housing on the Ogden campus;

(b)Weber State University use student housing rental fees and parking fees as the primary revenue sources for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $15,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the university may plan, design, and construct the Ogden campus housing project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request state funds for operation and maintenance costs or capital improvements.

(2)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 purchasing the Ambassador Building from Salt Lake County;

(b)the University of Utah use clinical revenues and other institutional funds as the primary revenue source for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $12,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; and

(d)the university may not request state funds for operation and maintenance costs or capital improvements.

(3)The Legislature intends that:

(b)the University of Utah use clinical revenues and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $25,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; and

(d)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 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 an expansion of the University Guest House;

(b)the University of Utah use room rental, meeting room rental, and the sale of ancillary services as the primary revenue sources for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $10,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the university may plan, design, and construct the expansion of the University Guest House project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request state funds for operation and maintenance costs or capital improvements.

(5)The Legislature intends that:

(b)the University of Utah use clinical revenues and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $119,541,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the university may plan, design, and construct the Ambulatory Care Complex project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request state funds for operation and maintenance costs or capital improvements.

(6)The Legislature intends that:

(a)the Board of Regents, on behalf of Southern Utah University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Southern Utah 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 Southern Utah Museum of Arts in conjunction with other funds authorized in Subsection 63B-19-201(1) ;

(b)Southern Utah University use student fees as the primary revenue sources for repayment of any obligation created under authority of this section;

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this section is $2,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the university may plan, design, and construct the Southern Utah Museum of Arts project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request state funds for operation and maintenance costs or capital improvements.

Enacted by Chapter 100 , 2010 General Session