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S.B. 235
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BONDING FOR STATE FAIRPARK
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CORPORATION
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2000 GENERAL SESSION
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STATE OF UTAH
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Sponsor: Pete Suazo
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AN ACT RELATING TO BONDS; AUTHORIZING THE STATE A BUILDING OWNERSHIP
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AUTHORITY TO ISSUE REVENUE BONDS OR A LEASE PURCHASE AGREEMENT FOR
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FUNDING TO CONSTRUCT A BUILDING AT THE STATE FAIR PARK.
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This act affects sections of Utah Code Annotated 1953 as follows:
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ENACTS:
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63B-9-501, Utah Code Annotated 1953
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Be it enacted by the Legislature of the state of Utah:
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Section 1.
Section
63B-9-501
is enacted to read:
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63B-9-501. Revenue bond authorizations.
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(1) It is the intent of the Legislature that the State Building Ownership Authority, under
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the authority of Title 63, Chapter 9a, State Building Ownership Act, may issue or execute
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obligations, or enter into or arrange for a lease purchase agreement in which participation interests
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may be created, to provide up to $10,500,000 for the construction of a multipurpose building for
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the state fair park, together with additional amounts necessary to:
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(a) pay costs of issuance;
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(b) pay capitalized interest; and
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(c) fund any debt service reserve requirements.
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(2) The State Building Ownership Authority shall work cooperatively with the board of
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directors of the Utah State Fair Corporation to seek out the most effective and prudent lease
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purchase plan available.
Legislative Review Note
as of 2-7-00 8:43 AM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.