63B-21-102. Revenue Bond Authorizations -- Board of Regents.

1,073 words·~5 min read·/ut/title-63b/chapter-21/63b-21-102

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(1)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 expanding the Orthopaedic Center with up to 25,200 new and remodeled square feet;

(b)University of Utah use clinical revenues, donations, 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 $9,580,000, 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 Orthopaedic Center expansion 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:

(b)the University of Utah use parking revenue and permit 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 $21,702,000, 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 parking structure 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.

(3)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 a parking structure in the Health Sciences area;

(b)the University of Utah use parking revenue and permit 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 $19,980,000, 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 parking structure 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.

(4)The Legislature intends that:

(a)the Board of Regents, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah 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 constructing student housing for the Utah State University Eastern San Juan campus in Blanding with up to 16,000 new square feet;

(b)Utah State University use student housing rental fees 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 $4,000,000, 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 student housing 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:

(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 constructing an addition to the Stromberg Center for student recreation with up to 29,200 new square feet;

(b)Weber State University use student fees and facility use 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 $8,000,000, 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 Stromberg Center addition 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 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 a S.J. Quinney College of Law Building with up to 155,900 new square feet;

(b)the University of Utah use donations and 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 $60,500,000, 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 building subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may use previously authorized state funds for operation and maintenance costs or capital improvements.

Enacted by Chapter 393 , 2012 General Session