Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 9 (2016GS)

Sponsor

Rep. Froerer, G.

Final action

Governor Signed 3/25/2016

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• authorizes the State Building Ownership Authority to issue revenue bonds as follows:
• up to $3,000,000 for the Fourth District Provo Courthouse parking lot; and
• up to $5,043,400 for constructing a Syracuse liquor store; and
• authorizes the Board of Regents to issue revenue bonds as follows:
• up to $50,000,000 for constructing the David Eccles School of Business Executive Education Building at the University of Utah;
• up to $20,000,000 for purchasing a student apartment building complex and surrounding property at Utah State University; and
• up to $12,000,000 for constructing the Space Dynamics Laboratory Phase II at Utah State University.

Every vote on this bill

Bill text

REVENUE BOND AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Gage Froerer
Senate Sponsor: 
Wayne A. Harper
LONG TITLE
General Description:
This bill authorizes certain state agencies and institutions to issue revenue bonds.
Highlighted Provisions:
This bill:
▸ authorizes the State Building Ownership Authority to issue revenue bonds as
follows:
• up to $3,000,000 for the Fourth District Provo Courthouse parking lot; and
• up to $5,043,400 for constructing a Syracuse liquor store; and
▸ authorizes the Board of Regents to issue revenue bonds as follows:
• up to $50,000,000 for constructing the David Eccles School of Business
Executive Education Building at the University of Utah;
• up to $20,000,000 for purchasing a student apartment building complex and
surrounding property at Utah State University; and
• up to $12,000,000 for constructing the Space Dynamics Laboratory Phase II at
Utah State University.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
ENACTS:
63B-26-101
, Utah Code Annotated 1953
63B-26-102
, Utah Code Annotated 1953
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
63B-26-101
 is enacted to read:
CHAPTER 26. 2016 BONDING AND FINANCING AUTHORIZATIONS
Part 1. 2016 Revenue Bond Authorizations
 63B-26-101.
Revenue Bond authorizations -- State Building Ownership Authority.
(1) The Legislature intends 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 may
enter into or arrange for a lease-purchase agreement in which participation interests may be
created, to provide up to $3,000,000 for the Fourth District Provo Courthouse parking lot,
together with additional amounts necessary to pay costs of issuance, pay capitalized interest,
and fund any existing debt service reserve requirements;
(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);
(c) the judicial branch may use state funds for operation and maintenance costs or
capital improvements; and
(d) the revenue bond authorized under this Subsection (1) may not be issued until on or
after March 1, 2017.
(2) The Legislature intends 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 may
enter into or arrange for a lease-purchase agreement in which participation interests may be
created, to provide up to $5,043,400 for a Syracuse liquor store, together with additional
amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt
service reserve requirements;
(b) the Department of Alcoholic Beverage Control use sales revenues as the primary
revenue source for repayment of any obligation created under authority of this Subsection (2);
and
(c) the Department of Alcoholic Beverage Control may request operation and
maintenance funding from sales revenues.
Section 2. Section 
63B-26-102
 is enacted to read:
 63B-26-102.
Revenue bond authorizations -- Board of Regents.
(1) The Legislature intends that:
(a) the Board of Regents, on behalf of the University of Utah, may issue, sell, and
deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow
money on the credit, revenues, and reserves of the university, other than appropriations of the
Legislature, to finance the cost of constructing the David Eccles School of Business Executive
Education Building;
(b) the University of Utah use institutional funds and donations as the primary revenue
sources for repayment of any obligation created under authority of this Subsection (1);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by
this Subsection (1) is $50,000,000, together with other amounts necessary to pay costs of
issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the University of Utah may, subject to the requirements of Title 63A, Chapter 5,
State Building Board - Division of Facilities Construction and Management, use up to
$30,000,000 in donations and institutional funds to plan, design, and construct the David
Eccles School of Business Executive Education Building with up to 150,000 square feet;
(e) the university shall plan, design, and construct the David Eccles School of Business
Executive Education Center, subject to the requirements of Title 63A, Chapter 5, State
Building Board - Division of Facilities Construction and Management; and
(f) the university may use previously authorized state funds for operation and
maintenance costs or capital improvements.
(2) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and
deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow
money on the credit, revenues, and reserves of the university, other than appropriations of the
Legislature, to finance the cost of purchasing a student apartment building complex and
surrounding property;
(b) Utah State University use revenues from housing operations as the primary revenue
source for repayment of any obligation created under authority of this Subsection (2);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by
this Subsection (2) is $20,000,000, together with other amounts necessary to pay costs of
issuance, pay capitalized interest, and fund any debt service reserve requirements; and
(d) the university may not request state funds for operation and maintenance costs or
capital improvements.
(3) The Legislature intends that:
(a) the Board of Regents, on behalf of Utah State University, may issue, sell, and
deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow
money on the credit, revenues, and reserves of the university, other than appropriations of the
Legislature, to finance the cost of constructing the Space Dynamics Laboratory Phase II;
(b) Utah State University use reimbursement from research projects as the primary
revenue source for repayment of any obligation created under authority of this Subsection (3);
(c) the maximum amount of revenue bonds or evidences of indebtedness authorized by
this Subsection (3) is $12,000,000, together with other amounts necessary to pay costs of
issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) the university shall plan, design, and construct the Space Dynamics Laboratory
Phase II, subject to the requirements of Title 63A, Chapter 5, State Building Board - Division
of Facilities Construction and Management; and
(e) the university may not request state funds for operation and maintenance costs or
capital improvements.