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Utah Senate approves joint resolution clarifying state security interest in Olympic facilities after debate over repayment timing
Summary
After hours of debate and a Committee of the Whole hearing with the Salt Lake Organizing Committee’s fiscal representative, the Senate passed SJR 11 to clarify the state—s security interest in Olympic facilities and allow banks first lien positions on certain revenues; an amendment changing repayment dates was deferred to interim study.
The Utah Senate passed Senate Joint Resolution 11 on March 4, 1997, clarifying the state—s security interest in Olympic facilities and authorizing the organizing committee to seek bank financing with the lender in first position on specified contracted revenues. The chamber voted under suspension of the rules to send the measure to the House for further action.
Why it matters: The resolution affects how the state and the Salt Lake Organizing Committee structure repayment and collateral for the purchase and operation of Olympic venues. Its provisions were designed to make the organizing committee more creditworthy to lenders while protecting the state—s recorded interests in venues and equipment.
What happened: Sponsor Senator Marine explained the resolution—s core elements: it perfects the state—s security interest in $99,000,000 by…
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