Revenue bond authorizations -- Utah Board of Higher Education

(1) The Legislature intends that: (a) the Utah Board of Higher Education, 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, other than appropriations of the Legislature, to finance the cost of constructing the Huntsman Cancer Institute Vineyard Campus Facility; (b) the University of Utah use clinical revenues and other non-state revenues of the University of Utah Health Sciences as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); (c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $65,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; (d) the university may plan, design, and construct the Huntsman Cancer Institute Vineyard Campus Facility subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and (e) the university may not request state funds for operation and maintenance costs or capital improvements. (2) The Legislature intends that: (a) the Utah Board of Higher Education, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the 800 East Residence Hall project; (b) Utah State University use student housing rental fees and other auxiliary revenues as the primary revenue sources for repayment of any obligation created under authority of this Subsection (2); (c) the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $100,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; (d) the university may plan, design, and construct the 800 East Residence Hall project subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and (e) the university may not request additional state funds for operation and maintenance costs or capital improvements.