Section 63B-15-101 - Capital facilities bonds - Utah Science Technology and Research Governing Authority - Maximum amount - Projects authorized(1)(a) The total amount of bonds issued under this section may not exceed $111,100,000.(b) When Utah State University certifies to the commission that the university has obtained reliable commitments, convertible to cash, of $10,000,000 or more in nonstate funds to construct the Bio Innovations Research Institute, and when the chairs of the Legislature's Executive Appropriations Committee have certified that the committee has heard a presentation by the chair of the bonding commission and the Utah Science Technology and Research Governing Authority on the project, the commission may issue and sell general obligation bonds in a total amount not to exceed $40,400,000.(c) When the University of Utah certifies to the commission that the university has obtained reliable commitments, convertible to cash, of $30,000,000 or more in nonstate funds to construct the Neuroscience and Biomedical Technology Research Building, and when the chairs of the Legislature's Executive Appropriations Committee have certified that the committee has heard a presentation by the chair of the bonding commission and the Utah Science Technology and Research Governing Authority on the project, the commission may issue and sell general obligation bonds in a total amount not to exceed $70,700,000.(2)(a) Proceeds from the issuance of bonds shall be provided to the Utah Science Technology and Research Governing Authority to provide funds to pay all or part of the cost of acquiring and constructing the projects listed in this Subsection (2).(b) These costs may include the cost of acquiring easements and rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities and all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, and all related engineering, architectural, and legal fees.(c) For the Utah Science Technology and Research Governing Authority, proceeds shall be provided for the following: CAPITAL DEVELOPMENT PROJECTS |
Project Description | Estimated Operations and Maintenance | Amount Funded |
Bio Innovations Research Institute -- Utah State University | | $0 | $40,000,000 |
Neuroscience and Biomedical Technology Research Building -- University of Utah | | $0 | $70,000,000 |
TOTAL CAPITAL DEVELOPMENT PROJECTS | $110,000,000 |
TOTAL GENERAL OBLIGATION BOND AUTHORIZATION FOR CAPITAL DEVELOPMENT PROJECTS | $110,000,000 |
(3)(a) The amounts funded as listed in Subsection (2) are estimates only and do not constitute a limitation on the amount that may be expended for the projects.(b) The commission, by resolution and in consultation with the Utah Science Technology and Research Governing Authority, may delete the project if the inclusion of that project could be construed to violate state law or federal law or regulation.(4) The Utah Science Technology and Research Governing Authority may enter into agreements related to the project before the receipt of proceeds of bonds issued under this chapter.(5) The commission or the state treasurer may make any statement of intent relating to that reimbursement that is necessary or desirable to comply with federal tax law.(6) The commission may not issue or execute bonds authorized by this section that have a maturity date or dates of more than 20 years after the date of delivery of the bonds.(7) The Utah Science Technology and Research Governing Authority shall contract with the Division of Facilities Construction and Management to oversee construction of the buildings.(8) The Utah Science Technology and Research Governing Authority may not delegate authority over construction of the capitol development projects identified in this section to any entity other than the Division of Facilities Construction and Management.Amended by Chapter 357, 2015 General Session ,§ 1, eff. 5/12/2015.Enacted by Chapter 123, 2006 General Session