Utah Code 63B-17-201. Revenue bond authorizations — State Building Ownership Authority
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(1) The Legislature intends that:
Terms Used In Utah Code 63B-17-201
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5 - Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
(1)(a) 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 $90,000,000 for the acquisition and construction of phase II-B of a cancer clinical research hospital facility adjacent to the University of Utah Medical Center, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(1)(b) the University of Utah use institutional funds as the primary revenue source for repayment of any obligation created under authority of this section;
(1)(c) the university may plan, design, and construct phase II-B of a cancer clinical research hospital facility subject to the requirements of Section 63A-5b-604; and
(1)(d) the university may not request state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(2)(a) 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 $23,700,000 for the acquisition and construction of five 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;
(2)(b) the stores to be addressed through this authorization are:
(2)(b)(i) the replacement of a liquor store in Cedar City;
(2)(b)(ii) a new Utah County North liquor store;
(2)(b)(iii) a new Utah County South liquor store;
(2)(b)(iv) a new Washington County South liquor store; and
(2)(b)(v) a new Wasatch County Heber/Midway liquor store;
(2)(c) the Department of Alcoholic Beverage Services use increased sales revenues as the primary revenue source for repayment of any obligation created under authority of this section; and
(2)(d) the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.