(1) It is the intent of the Legislature that: (a) when the University of Utah certifies to the Board of Regents that the university has obtained reliable commitments, convertible to cash, of $10,000,000 or more in nonstate funds to construct an on-campus student life center, 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 of Utah, other than appropriations from the Legislature, to finance the cost of constructing an on-campus student life center; (b) student recreation fees and non-student fees be used as the primary revenue source for repayment of any obligation created under authority of this section; (c) the University of Utah may increase student recreation fees to not more than $60 per semester for not more than 20 years, and use those revenues, together with the $15,000,000 collected under Subsection (1)(a), to service the student life center revenue bond debt; (d) the bonds or other evidences of indebtedness authorized by this section may provide up to $42,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; (e) the University of Utah may plan, design, and construct the on-campus student life center subject to requirements in Section 63A-5-206; and (f) the university may not request state funds for operation and maintenance costs or capital improvements.
(a) when the University of Utah certifies to the Board of Regents that the university has obtained reliable commitments, convertible to cash, of $10,000,000 or more in nonstate funds to construct an on-campus student life center, 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 of Utah, other than appropriations from the Legislature, to finance the cost of constructing an on-campus student life center;
(b) student recreation fees and non-student fees be used as the primary revenue source for repayment of any obligation created under authority of this section;
(c) the University of Utah may increase student recreation fees to not more than $60 per semester for not more than 20 years, and use those revenues, together with the $15,000,000 collected under Subsection (1)(a), to service the student life center revenue bond debt;
(d) the bonds or other evidences of indebtedness authorized by this section may provide up to $42,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(e) the University of Utah may plan, design, and construct the on-campus student life center subject to requirements in Section 63A-5-206; and
(f) the university may not request state funds for operation and maintenance costs or capital improvements.
(2) It is the intent of the Legislature that: (a) the Board of Regents, on behalf of Southern Utah University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Southern Utah University to borrow money on the credit, revenues, and reserves of Southern Utah University, other than appropriations of the Legislature, to finance the cost of constructing on-campus student dormitories; (b) student housing rental fees be used as the primary revenue source for repayment of any obligation created under authority of this section; (c) the bonds or other evidences of indebtedness authorized by this section may provide up to $17,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; (d) Southern Utah University may plan, design, and construct the on-campus student dormitories subject to requirements in Section 63A-5-206; and (e) the university may not request state funds for operation and maintenance costs or capital improvements.
(a) the Board of Regents, on behalf of Southern Utah University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Southern Utah University to borrow money on the credit, revenues, and reserves of Southern Utah University, other than appropriations of the Legislature, to finance the cost of constructing on-campus student dormitories;
(b) student housing rental fees be used as the primary revenue source for repayment of any obligation created under authority of this section;
(c) the bonds or other evidences of indebtedness authorized by this section may provide up to $17,500,000, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements;
(d) Southern Utah University may plan, design, and construct the on-campus student dormitories subject to requirements in Section 63A-5-206; and
(e) the university may not request state funds for operation and maintenance costs or capital improvements.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.