63B-31-201. Revenue bond authorizations -- Utah Board of Higher Education.

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Effective 5/4/2022

(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 West Village Graduate and Family Student Housing;

(b)the University of Utah use student housing rental fees and other auxiliary revenue 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 $125,800,000 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 West Village Graduate and Family 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.

(2)The Legislature intends that:

(b)the University of Utah use donations, student housing rental fees, and other auxiliary revenue 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 $118,700,000 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 the Impact - Epicenter 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.

(3)The Legislature intends that:

(a)the Utah Board of Higher Education, 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 an expansion of the Electric Vehicle and Roadway building;

(b)Utah State University use research revenue, donations, and institutional funds 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 $9,200,000 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 Electric Vehicle and Roadway 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.

(4)The Legislature intends that:

(a)the Utah Board of Higher Education, 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 the Stewart Stadium east bleachers;

(b)Weber State University use student fees 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 $4,000,000 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 Stewart Stadium east bleachers, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request additional state funds for operation and maintenance costs or capital improvements.

(5)The Legislature intends that:

(b)Weber State University use lease payments as the primary revenue sources for repayment of any obligation created under authority of this Subsection

(5);

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

(5)may not exceed $8,500,000 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 Noorda Engineering and Applied Science building, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities ; and

(e)the university may not request additional state funds for operation and maintenance costs or capital improvements.

Amended by Chapter 315 , 2022 General Session