63B-19-102 - Revenue bond authorizations -- Board of Regents.
63B-19-102. Revenue bond authorizations -- Board of Regents.
(1) The Legislature intends that:
(a) the Board of Regents, on behalf of Weber State University, may issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Weber State University to borrowmoney on the credit, revenues, and reserves of the university, other than appropriations of theLegislature, to finance the cost of demolition, replacement, and construction of student housingon the Ogden campus;
(b) Weber State University use student housing rental fees and parking fees as theprimary revenue sources for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $15,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the Ogden campus housing projectsubject to the requirements of Title 63A, Chapter 5, State Building Board - Division of FacilitiesConstruction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
(2) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliverrevenue bonds or other evidences of indebtedness of the University of Utah to borrow money onthe credit, revenues, and reserves of the university, other than appropriations of the Legislature,to finance the cost of purchasing the Ambassador Building from Salt Lake County;
(b) the University of Utah use clinical revenues and other institutional funds as theprimary revenue source for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $12,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements; and
(d) the university may not request state funds for operation and maintenance costs orcapital improvements.
(3) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliverrevenue bonds or other evidences of indebtedness of the University of Utah to borrow money onthe credit, revenues, and reserves of the university, other than appropriations of the Legislature,to finance the cost of purchasing the Orthopaedics Building from the Utah OrthopaedicFoundation;
(b) the University of Utah use clinical revenues and other institutional funds as theprimary revenue sources for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $25,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements; and
(d) the university may not request state funds for operation and maintenance costs orcapital improvements.
(4) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliverrevenue 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 an expansion of the University Guest House;
(b) the University of Utah use room rental, meeting room rental, and the sale of ancillaryservices as the primary revenue sources for repayment of any obligation created under authorityof this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $10,000,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the expansion of the University GuestHouse project subject to the requirements of Title 63A, Chapter 5, State Building Board -Division of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
(5) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliverrevenue bonds or other evidences of indebtedness of the University of Utah to borrow money onthe credit, revenues, and reserves of the university, other than appropriations of the Legislature,to finance the cost of constructing an Ambulatory Care Complex;
(b) the University of Utah use clinical revenues and other institutional funds as theprimary revenue sources for repayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $119,541,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the Ambulatory Care Complex projectsubject to the requirements of Title 63A, Chapter 5, State Building Board - Division of FacilitiesConstruction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
(6) The Legislature intends that:
(a) the Board of Regents, on behalf of Southern Utah University, may issue, sell, anddeliver revenue bonds or other evidences of indebtedness of Southern Utah University to borrowmoney on the credit, revenues, and reserves of the university, other than appropriations of theLegislature, to finance the cost of constructing the Southern Utah Museum of Arts in conjunctionwith other funds authorized in Subsection 63B-19-201(1);
(b) Southern Utah University use student fees as the primary revenue sources forrepayment of any obligation created under authority of this section;
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized bythis section is $2,500,000, together with other amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(d) the university may plan, design, and construct the Southern Utah Museum of Artsproject subject to the requirements of Title 63A, Chapter 5, State Building Board - Division ofFacilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs orcapital improvements.
Enacted by Chapter 100, 2010 General Session