§ 63B-24-101 — Revenue bond authorizations -- State Building Ownership Authority.

(1) The Legislature intends that:

(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 may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $86,936,000 for the Fourth District Provo Courthouse Expansion, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;
(1)(b) the judicial branch use court fees and existing lease budgets as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); and
(1)(c) the judicial branch may use 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 may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $4,447,900 for a West Valley Liquor Store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements;
(2)(b) 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 Subsection (2); and
(2)(c) the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.

Legislative History

Amended by Chapter 447, 2022 General Session