Section 501 – Revenue bond authorizations.
Effective 7/1/2021 63B-6-501. Revenue bond authorizations. (1) (a) It is the intent of the Legislature that: (i) the State Board of Regents, on behalf of the University of Utah, issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit and income and revenues […]
Section 502 – Other capital facility authorizations and intent language.
Effective 7/1/2021 63B-6-502. Other capital facility authorizations and intent language. (1) It is the intent of the Legislature that the University of Utah use institutional funds to plan, design, and construct: (a) the Health Science Lab Building under the supervision of the director of the Division of Facilities Construction and Management unless supervisory authority is […]
Section 407 – Tax levy — Abatement of tax.
63B-6-407. Tax levy — Abatement of tax. (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay: (a) applicable bond redemption premiums, if any; (b) interest on […]
Section 408 – Creation of sinking fund.
63B-6-408. Creation of sinking fund. (1) There is created a sinking fund, to be administered by the state treasurer, entitled the “1997 General Obligation Project Bonds Sinking Fund.” (2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds. (3) The proceeds of all taxes […]
Section 409 – Payment of interest, principal, and redemption premiums.
63B-6-409. Payment of interest, principal, and redemption premiums. (1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds. (2) After receipt of the warrants, the state treasurer shall: (a) promptly pay the warrants from funds within the sinking fund; and (b) […]
Section 410 – Investment of sinking fund money.
63B-6-410. Investment of sinking fund money. (1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is created. (2) Unless otherwise provided in the resolution of […]
Section 411 – Bond proceeds — Deposits — Investment — Disposition of investment income and unexpended proceeds.
63B-6-411. Bond proceeds — Deposits — Investment — Disposition of investment income and unexpended proceeds. (1) (a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission. (b) The state treasurer shall administer and maintain these accounts unless otherwise provided […]
Section 405 – Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate.
63B-6-405. Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and conditions of sale, including price, whether at, below, or above […]
Section 406 – Constitutional debt limitation.
63B-6-406. Constitutional debt limitation. (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1. (2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, Section 1, the value of the taxable property in Utah is considered […]
Section 402 – Maximum amount — Projects authorized.
Effective 3/29/2014 63B-6-402. Maximum amount — Projects authorized. (1) The total amount of bonds issued under this part may not exceed $9,000,000. (2) (a) Proceeds from the issuance of bonds shall be provided to the State Tax Commission to provide funds to pay all or part of the cost of the project described in this […]