Utah Code 63B-4-301. Bonds for golf course at Wasatch Mountain State Park
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(1) The State Building Ownership Authority under authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations, or enter into or arrange for a lease purchase agreement in which participation interests may be created, to provide up to $2,500,000 for a new nine-hole golf course at Wasatch Mountain State Park for the Division of State Parks, formerly known as the Division of Parks and Recreation, together with additional amounts necessary to:
Terms Used In Utah Code 63B-4-301
- Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
- 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
(1)(a) pay costs of issuance;
(1)(b) pay capitalized interest; and
(1)(c) fund any debt service reserve requirements.
(2)
(2)(a) The State Building Ownership Authority shall work cooperatively with the Division of State Parks, formerly known as the Division of Parks and Recreation, to seek out the most cost effective and prudent lease purchase plan available.
(2)(b) The state treasurer, the director of the Division of Finance, and the executive director of the Governor’s Office of Planning and Budget shall provide technical assistance to accomplish the purpose specified in Subsection (2)(a).