Utah Code 63B-15-201. Revenue bond authorizations — State Building Ownership Authority
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(1) It is the intent of the Legislature that 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 $7,371,000 for the acquisition and construction of three stores for the Department of Alcoholic Beverage Services, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.
Terms Used In Utah Code 63B-15-201
- 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.
- Road: includes :(33)(a) a public bridge;(33)(b) a county way;(33)(c) a county road;(33)(d) a common road; and(33)(e) a state road. See Utah Code 68-3-12.5
- 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) It is the intent of the Legislature that the stores to be addressed through this authorization are:(2)(a) a new store in the Holladay/Cottonwood area of Salt Lake County;(2)(b) expansion and remodel of the Kimball Junction store in Summit County; and(2)(c) expansion and remodel of the Redwood Road store in Salt Lake County.(3) It is the intent of the Legislature that:(3)(a) increased sales revenues be used as the primary revenue source for repayment of any obligation created under authority of this section; and(3)(b) the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.