63B-24-101. Revenue bond authorizations -- State Building Ownership Authority.

274 words·~1 min read·/ut/title-63b/chapter-24/63b-24-101

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Effective 6/1/2022

(1)The Legislature intends 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 may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $86,936,000 for the Fourth District Provo Courthouse Expansion, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;

(b)the judicial branch use court fees and existing lease budgets as the primary revenue sources for repayment of any obligation created under authority of this Subsection

(1); and

(c)the judicial branch may use state funds for operation and maintenance costs or capital improvements.

(2)The Legislature intends 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 may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $4,447,900 for a West Valley Liquor Store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;

(b)the Department of Alcoholic Beverage Services use increased sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection

(2); and

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

Amended by Chapter 447 , 2022 General Session