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Utah Code Title 63B. Bonds § 63B-15-201. Revenue bond authorizations--State Building Ownership Authority

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) 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, may issue or execute obligations, or enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $7,371,000 for the acquisition and construction of three stores for the Department of Alcoholic Beverage Services, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.

(2) It is the intent of the Legislature that the stores to be addressed through this authorization are:

(a) a new store in the Holladay/Cottonwood area of Salt Lake County;

(b) expansion and remodel of the Kimball Junction store in Summit County; and

(c) expansion and remodel of the Redwood Road store in Salt Lake County.

(3) It is the intent of the Legislature that:

(a) increased sales revenues be used as the primary revenue source for repayment of any obligation created under authority of this section; and

(b) the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.

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Cite this article: FindLaw.com - Utah Code Title 63B. Bonds § 63B-15-201. Revenue bond authorizations--State Building Ownership Authority - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-63b-bonds/ut-code-sect-63b-15-201/

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