2023 Utah Code › Title 63B - Bonds › Chapter 28 - 2018 Bonding and Financing Authorizations › Part 1 - 2018 Revenue Bond Authorizations › Section 102 - Revenue bond authorizations -- Board of Regents.

Effective 3/22/2018
63B-28-102.
Revenue bond authorizations -- Board of Regents.
(1) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing a south campus student housing and dining project;
(b) the University of Utah use student housing rental fees and other auxiliary revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $105,217,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct a south campus student housing and dining project, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Space Dynamics Laboratory Phase II;
(b) Utah State University use reimbursement from research projects as the primary revenue sources for repayment of any obligation created under authority of this Subsection (2);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $31,400,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the Space Dynamics Laboratory Phase II, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
(3) The Legislature intends that:
(a) the Board of Regents, on behalf of Salt Lake Community College, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Salt Lake Community College to borrow money on the credit, revenues, and reserves of the college, other than appropriations of the Legislature, to finance the cost of constructing a student center on the Jordan Campus;
(b) Salt Lake Community College use student fees as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) may not exceed $13,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the college may plan, design, and construct a student center on the Jordan Campus, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the college may not request state funds for operation and maintenance costs or capital improvements.
Enacted by Chapter 406, 2018 General Session