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UT SB0009

UT SB0009
Revenue Bond and Capital Facilities Amendments


summary

Introduced
03/03/2025
In Committee
Crossed Over
03/04/2025
Passed
03/07/2025
Dead
Signed/Enacted/Adopted
03/26/2025

Introduced Session

2025 General Session

Bill Summary

General Description: This bill enacts provisions relating to 2025 revenue bonds.

AI Summary

This bill authorizes two specific revenue bond projects for higher education institutions and one for the state's Alcoholic Beverage Services department. For the University of Utah, the bill allows issuing up to $65 million in revenue bonds to construct the Huntsman Cancer Institute Vineyard Campus Facility, with clinical revenues from the University of Utah Health Sciences designated as the primary repayment source. For Utah State University, the bill permits up to $100 million in revenue bonds to build the 800 East Residence Hall project, with student housing rental fees and auxiliary revenues as the primary repayment mechanism. Additionally, the bill authorizes the State Building Ownership Authority to issue up to $85 million in obligations for a warehouse facility and club store for the Department of Alcoholic Beverage Services, using sales revenues for repayment. The bill requires that before taking action, the Department of Alcoholic Beverage Services, Division of Facilities and Construction Management, and state treasurer must provide a detailed report to the Executive Appropriations Committee and Governor's Office of Planning and Budget. The bill is set to take effect on July 1, 2025, and specifically prohibits these institutions from requesting additional state funds for operation, maintenance, or capital improvements related to these projects.

Sponsors (2)

Last Action

Governor Signed in Lieutenant Governor's office for filing (on 03/26/2025)

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