2023 Utah Code › Title 63B - Bonds › Chapter 33 - 2023 Bonding and Financing Authorizations › Part 1 - 2023 Revenue Bond Authorizations › Section 101 - Revenue bond authorizations -- Utah Board of Higher Education.

Effective 5/3/2023
63B-33-101.
Revenue bond authorizations -- Utah Board of Higher Education.
(1) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 the West Village Family and Graduate Housing Phase Two;
(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 amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $214,000,000 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 university may plan, design, and construct the West Village Family and Graduate Housing Phase Two subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request additional state funds for operation and maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 the Undergraduate Student Housing 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 (2);
(c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $382,415,000 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 Undergraduate Student Housing project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request additional state funds for operation and maintenance costs or capital improvements.
(3) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 the South Campus Garage;
(b) the University of Utah use parking fees and other auxiliary revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3);
(c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) may not exceed $116,300,000 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 South Campus Garage subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request additional state funds for operation and maintenance costs or capital improvements.
(4) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 the John and Marcia Price Computing and Engineering project;
(b) the University of Utah use donations, parking revenues, federal funds, and other institutional revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (4);
(c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (4) may not exceed $76,198,000 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 John and Marcia Price Computing and Engineering building subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may request additional state funds for operation and maintenance costs and capital improvements.
(5) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 South Campus Residence Hall;
(b) Utah State University 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 (5);
(c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (5) may not exceed $49,293,000 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 South Campus Residence Hall subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request additional state funds for operation and maintenance costs or capital improvements.
(6) The Legislature intends that:
(a) the Utah Board of Higher Education, 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 South Campus Parking Terrace project;
(b) Utah State University use parking fees and other auxiliary revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (6);
(c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (6) may not exceed $22,925,000 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 South Campus Parking Terrace project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and
(e) the university may not request additional state funds for operation and maintenance costs or capital improvements.
Enacted by Chapter 538, 2023 General Session