63B-32-102. State Building Ownership Authority obligations for new state liquor stores.

279 words·~1 min read·/ut/title-63b/chapter-32/63b-32-102

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

Effective 5/4/2022

(1)The Legislature intends that:

(a)the State Building Ownership Authority, under the authority of 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 $8,214,253 for a Summit County market area liquor store in Park City, 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 Control use sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection

(1); and

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

(2)The Legislature intends that:

(a)the State Building Ownership Authority, under the authority of 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 $7,455,342 for a Washington County area market liquor store in St. George, 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 Control 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 Control may request operation and maintenance funding from sales revenues.

Enacted by Chapter 315 , 2022 General Session