63B-31-202. State Building Ownership Authority obligations for new state liquor stores.

318 words·~1 min read·/ut/title-63b/chapter-31/63b-31-202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 $11,725,700 for a Salt Lake City market area liquor store in Sugarhouse, 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 sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection

(1);

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

(d)the Department of Alcoholic Beverage Services use up to $5,000,000 to repay the State Store Land Acquisition and Building Construction Fund under Section 32B-2-307 .

(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 $5,524,000 for a Salt Lake City area market liquor store in east Sandy, 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 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 315 , 2022 General Session

Amended by Chapter 447 , 2022 General Session