Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
State store: means a facility for the sale of packaged liquor:
(i)
located on premises owned or leased by the state; and
Store: means to place or maintain in a location an alcoholic product. See Utah Code 32B-1-102
(2)
There is created an enterprise fund known as the State Store Land Acquisition and Building Construction Fund.
(3)
The fund is funded from the following sources:
(a)
appropriations made to the fund by the Legislature;
(b)
in accordance with Subsection (6)(a), proceeds from revenue bonds authorized by Title 63B, Bonds;
(c)
subject to Subsection (7)(b), repayments to the fund; and
(d)
the interest described in Subsection (4).
(4)
(a)
The fund shall earn interest.
(b)
Interest earned on the fund shall be deposited into the fund.
(5)
Subject to Subsection (6), the department may use the money deposited into the fund:
(a)
for construction of new state stores, including to purchase or leaseproperty; and
(b)
for maintenance or renovation of existing state stores or facilities.
(6)
(a)
Before the department spends or commits money from the fund, the department shall:
(i)
present to the Infrastructure and General Government Appropriations Subcommittee a description of how the department will spend the money; and
(ii)
if the department intends to spend or commit money from the fund for construction of a new state store:
(A)
receive approval from the Division of Facilities Construction and Management, created in Section 63A-5b-301; and
(B)
receive authorization in an appropriations act.
(b)
Following a presentation described in Subsection (6)(a)(i), the Infrastructure and General Government Appropriations Subcommittee shall recommend whether the department spend the money in accordance with the department’s presentation.
(7)
(a)
If the department uses money in the fund for a purpose described in Subsection (5), and subsequently issues a revenue bond for that purpose, the department shall repay the money with proceeds from the revenue bond.
(b)
If the department uses money from the fund for a purpose described in Subsection (5), and subsequently uses, instead of issuing bonds, cash funding appropriated by the Legislature to fund that purpose, the department shall reimburse the fund:
(i)
with proceeds from liquor revenue in the Liquor Control Fund, created in Section 32B-2-301, on a long-term payment schedule set by the state treasurer; and
(ii)
before the transfer described in Subsection 32B-2-301(7).
(8)
(a)
If the department uses money from the fund that the Legislature appropriated as a loan to be used for the purposes described in Subsection (5), the department shall repay the money with proceeds from liquor revenue in the Liquor Control Fund, created in Section 32B-2-301:
(i)
with interest at prevailing municipal revenue bond rates for the state of Utah at the time of loan origination minus 50 basis points; and
(ii)
on a term not to exceed 15 years.
(b)
The department shall make each payment under Subsection (8)(a) before the transfer described in Subsection 32B-2-301(7).
