(1)(a) The total amount of bonds issued under this section may not exceed $111,100,000.

     (1)(b) When Utah State University certifies to the commission that the university has obtained reliable commitments, convertible to cash, of $10,000,000 or more in nonstate funds to construct the Bio Innovations Research Institute, and when the chairs of the Legislature’s Executive Appropriations Committee have certified that the committee has heard a presentation by the chair of the bonding commission and the Utah Science Technology and Research Governing Authority on the project, the commission may issue and sell general obligation bonds in a total amount not to exceed $40,400,000.

     (1)(c) When the University of Utah certifies to the commission that the university has obtained reliable commitments, convertible to cash, of $30,000,000 or more in nonstate funds to construct the Neuroscience and Biomedical Technology Research Building, and when the chairs of the Legislature’s Executive Appropriations Committee have certified that the committee has heard a presentation by the chair of the bonding commission and the Utah Science Technology and Research Governing Authority on the project, the commission may issue and sell general obligation bonds in a total amount not to exceed $70,700,000.

     (2)(a) Proceeds from the issuance of bonds shall be provided to the Utah Science Technology and Research Governing Authority to provide funds to pay all or part of the cost of acquiring and constructing the projects listed in this Subsection (2).

     (2)(b) These costs may include the cost of acquiring easements and rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities and all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, and all related engineering, architectural, and legal fees.

     (2)(c) For the Utah Science Technology and Research Governing Authority, proceeds shall be provided for the following:CAPITAL DEVELOPMENT PROJECTS

Project DescriptionEstimated Operations and Maintenance

Amount FundedBio Innovations Research Institute —

     Utah State University

$0

$40,000,000Neuroscience and Biomedical Technology

     Research Building — University of Utah

$0

$70,000,000TOTAL CAPITAL DEVELOPMENT PROJECTS$110,000,000TOTAL GENERAL OBLIGATION BOND AUTHORIZATION FOR

     CAPITAL DEVELOPMENT PROJECTS$110,000,000

     (3)(a) The amounts funded as listed in Subsection (2) are estimates only and do not constitute a limitation on the amount that may be expended for the projects.

     (3)(b) The commission, by resolution and in consultation with the Utah Science Technology and Research Governing Authority, may delete the project if the inclusion of that project could be construed to violate state law or federal law or regulation.