Utah Code 63B-21-101. Revenue Bond Authorizations — State Building Ownership Authority
Current as of: 2024 | Check for updates
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The Legislature intends 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 $1,900,000 for the acquisition of the Sevier County Courts Building in Richfield City, 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-21-101
- 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
(2) the Judicial Branch use existing lease budgets as the primary revenue source for repayment of any obligation created under authority of this section; and
(3) the Judicial Branch may not request additional state funds for operation and maintenance costs.