Utah Code 63B-9-101. Higher education revenue bond authorizations
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It is the intent of the Legislature that:
(1) the Board of Regents issue, sell, and deliver revenue bonds or other evidences of indebtedness of the Board of Regents to borrow money on the credit, revenues, and reserves of the Higher Education Student Loan Program to finance the cost of acquiring, constructing, furnishing, and equipping office space;
Terms Used In Utah Code 63B-9-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) funds within the Board of Regents budget that would otherwise be expended for rent be used as the primary revenue source for repayment of any obligation created under authority of this section;
(3) the Board of Regents may not request an increase in state appropriations for rent to be used for repayment of any obligation created under authority of this section;
(4) the Board of Regents may not request an increase, beyond that resulting from inflation, in state appropriations for operations and maintenance of the facility acquired or constructed under this section; and
(5) the bonds or other evidences of indebtedness authorized by this section may provide up to $8,000,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.