63B-8-501. Revenue bond authorizations.
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63B-8-501. Revenue bond authorizations.
It is the intent of the Legislature that:
(1)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 enter into or arrange for a lease purchase agreement in which participation interests may be created, to provide up to $6,518,000 for the construction of an office building to house the Department of Corrections and the Board of Pardons and Parole Administration, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; and
(2)amounts representing existing budgets for rent for the Department of Corrections and the Board of Pardons and Parole Administration be used as the primary revenue source for the Department of Corrections and the Board of Pardons and Parole Administration to pay the state for repayment of any obligation created under authority of this section.
Amended by Chapter 409 , 2011 General Session