63B-30-201. Revenue bond authorizations -- Utah Board of Higher Education.
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Effective 7/1/2020
63B-30-201. Revenue bond authorizations -- Utah Board of Higher Education.
(1)The Legislature intends that:
(a)the Utah Board of Higher Education, 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 Health Sciences campus office building;
(b)the University of Utah use clinical revenues and other non-state revenues of the University of Utah Health Sciences as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(1);
(c)the amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(1)may not exceed $100,000,000 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 Health Sciences campus office building, 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 Utah Board of Higher Education, 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 Health Sciences garage and roadway improvements;
(b)the University of Utah use clinical, parking, and other non-state revenues of the University of Utah Health Sciences as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(2);
(c)the amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(2)may not exceed $80,000,000 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 Health Sciences garage and roadway improvements, 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 Utah Board of Higher Education, 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 102 Tower Building located at 102 South 200 East in Salt Lake City, Utah;
(b)the University of Utah use hospital and institutional lease payments as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(3);
(c)the amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(3)may not exceed $50,000,000 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 purchase the 102 Tower Building; and
(e)the university may not request state funds for operation and maintenance costs or capital improvements.
(4)The Legislature intends that:
(a)the Utah Board of Higher Education, 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 Greater Zion Stadium;
(b)Dixie State University use Washington County tourism marketing revenue, donations, and institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection
(4);
(c)the amount of revenue bonds or evidences of indebtedness authorized by this Subsection
(4)may not exceed $10,000,000 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 an expansion of the Greater Zion 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.
Enacted by Chapter 301 , 2020 General Session