63B-16-201 - Revenue bond authorizations -- State Building Ownership Authority. - Utah Statutes

63B-16-201. Revenue bond authorizations -- State Building Ownership Authority.
(1) It is the intent of the Legislature that:
(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 enter into orarrange for a lease-purchase agreement in which participation interests may be created, to provideup to $5,662,000 for the acquisition and construction of three stores for the Department ofAlcoholic Beverage Control, together with additional amounts necessary to pay costs of issuance,pay capitalized interest, and fund any debt service reserve requirements;
(b) the stores to be addressed through this authorization are:
(i) expansion of the North Temple store in Salt Lake County;
(ii) expansion of the Taylorsville store in Salt Lake County; and
(iii) reconstruction of the Bountiful store in Davis County;
(c) increased sales revenues be used as the primary revenue source for repayment of anyobligation created under authority of this section; and
(d) the Department of Alcoholic Beverage Control may request operation andmaintenance funding from sales revenues.
(2) It is the intent of the Legislature that:
(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 enter into orarrange for a lease-purchase agreement in which participation interests may be created, to provideup to $1,476,000 for the acquisition and construction of a production warehouse for UtahCorrectional Industries, together with additional amounts necessary to pay costs of issuance, paycapitalized interest, and fund any debt service reserve requirements;
(b) Utah Correctional Industries' revenues be used as the primary revenue source forrepayment of any obligation created under authority of this section;
(c) Utah Correctional Industries may plan, design, and construct the productionwarehouse subject to requirements in Section 63A-5-206; and
(d) Utah Correctional Industries may not request state funds for operation andmaintenance costs or capital improvements.

Enacted by Chapter 174, 2007 General Session