63B-13-201 - Revenue bond authorizations -- State Building Ownership Authority. - Utah Statutes

63B-13-201. Revenue bond authorizations -- State Building Ownership Authority.
(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 Act, may issue orexecute obligations, or enter into or arrange for a lease purchase agreement in which participationinterests may be created, to provide up to $8,205,000 for the acquisition and construction of fivestores for the Department of Alcoholic Beverage Control, 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 the stores to be addressed through thisauthorization are:
(i) a new Park City store;
(ii) replacement of the Mount Olympus store;
(iii) replacement of the Ogden City 2nd Street store;
(iv) replacement of the Ogden Patterson Street store; and
(v) expansion of the Provo store.
(c) It is the intent of the Legislature that proceeds from the sale of stores replaced throughthis authorization shall be deposited in the General Fund.
(d) It is further the intent of the Legislature that increased sales revenues be used as theprimary revenue source for repayment of any obligation created under authority of thisSubsection (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 $8,914,000 for the acquisition andconstruction of a new regional office building in Ogden, together with additional amountsnecessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserverequirements.
(b) It is further the intent of the Legislature that existing rent budgets be used as theprimary revenue source for repayment of any obligation created under authority of thisSubsection (2).
(3) (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 $1,450,000 for the acquisition of theleased regional office building and adjacent land in Moab, together with additional amountsnecessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserverequirements.
(b) It is further the intent of the Legislature that existing rent budgets be used as theprimary revenue source for repayment of any obligation created under authority of thisSubsection (3).
(4) (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 $7,103,000 for the acquisition of theTooele Courts building and adjacent land in Tooele City, together with additional amounts

necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserverequirements.
(b) It is further the intent of the Legislature that court fees be used as the primary revenuesource for repayment of any obligation created under authority of this Subsection (4).

Enacted by Chapter 364, 2004 General Session