63B-8-501 - Revenue bond authorizations. - Utah Statutes

63B-8-501. Revenue bond authorizations.
(1) (a) It is the intent of the Legislature that the State Building Ownership Authority,under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, mayissue or execute obligations, or enter into or arrange for a lease purchase agreement in whichparticipation interests may be created, to provide up to $2,510,000 for the acquisition of theDepartment of Human Services Office in Brigham City, together with additional amountsnecessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserverequirements.
(b) It is the intent of the Legislature that amounts representing existing budgets for rentfor the Department of Human Services be used as the primary revenue source for the Departmentof Human Services to pay the state for repayment of any obligation created under authority ofthis Subsection (1).
(2) (a) It is the intent of the Legislature that the State Building Ownership Authority,under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, mayissue or execute obligations, or enter into or arrange for a lease purchase agreement in whichparticipation interests may be created, to provide up to $6,518,000 for the construction of anoffice building to house the Department of Corrections and the Board of Pardons and ParoleAdministration, together with additional amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements.
(b) It is the intent of the Legislature that amounts representing existing budgets for rentfor the Department of Corrections and the Board of Pardons and Parole Administration be usedas the primary revenue source for the Department of Corrections and the Board of Pardons andParole Administration to pay the state for repayment of any obligation created under authority ofthis Subsection (2).

Amended by Chapter 382, 2008 General Session