63B-27-202. Revenue bond authorizations -- Board of Regents.
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Effective 3/24/2017
63B-27-202. Revenue bond authorizations -- Board of Regents.
(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 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 Subsection
(1);
(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(1)may not exceed $8,250,000 for acquisition and construction proceeds, 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, 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 Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie 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 expansion of the Legend Solar Stadium;
(b)Dixie State University use donations and institutional funds as the primary revenue sources for 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)may not exceed $4,700,000 for acquisition and construction proceeds, 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 an expansion of the Legend Solar Stadium, 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 the Medical Education and Discovery Complex and Rehabilitation Hospital;
(b)the University of Utah use donations, clinical revenues, and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(3);
(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(3)may not exceed $190,000,000 for acquisition and construction proceeds, 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 Medical Education and Discovery Complex and Rehabilitation Hospital, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and
(e)the university may request state funds for operation and maintenance costs and capital improvements.
(4)The Legislature intends that:
(a)the Board of Regents, on behalf of Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie 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 the Human Performance Center;
(b)Dixie State University use donations, student fees, and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(4);
(c)the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(4)may not exceed $16,000,000 for acquisition and construction proceeds, 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 Human Performance Center, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and
(e)the university may request state funds for operation and maintenance costs and capital improvements.
Enacted by Chapter 355 , 2017 General Session
Technically renumbered to avoid duplication of section number also enacted in SB277, Chapter 436.