63B-23-101. Revenue bond authorizations -- Board of Regents.

433 words·~2 min read·/ut/title-63b/chapter-23/63b-23-101

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Effective 5/12/2020

(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 constructing the Lassonde Living Center;

(b)the University of Utah use student fees and rents as the primary revenue sources for repayment of any obligation created under authority of this Subsection

(1);

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection

(1)is $45,238,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the university shall plan, design, and construct the Lassonde Living Center 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, except as provided in Subsection (2)(f) , other than appropriations of the Legislature, to finance the cost of replacing the University of Utah's utility distribution infrastructure;

(b)the University of Utah impose a power bill surcharge as the primary revenue source for the repayment of any obligation created under authority of this Subsection

(2);

(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection

(2)is $32,000,000 together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;

(d)the revenue bonds or evidences of indebtedness authorized by this Subsection

(2)may not mature later than 10 years after the date of issuance;

(e)the university shall plan, design, and construct the University of Utah's replacement utility distribution infrastructure subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(f)until July 1, 2024, the Division of Facilities Construction and Management annually allocate up to $1,500,000 of the capital improvement funding allocation given to the University of Utah under Section 63A-5b-405 to be used to pay the debt service on the bonds authorized under this Subsection

(2).

Amended by Chapter 152 , 2020 General Session