2-17-1203. Authority to use state building construction loans. (1) If a public agency is otherwise authorized to borrow money by obtaining a loan to finance the construction of one or more of its buildings, the public agency may obtain a state building construction loan in accordance with this part to finance all or a portion of the costs of the construction of one or more of its buildings.

(2) A public agency must obtain a state building construction loan by requesting interest rate proposals from multiple financial institutions that will not be acting as underwriters with respect to the state building construction loan.

(3) In the materials that solicit interest rate proposals for the state building construction loan, the public agency shall provide that it will evaluate the proposals based solely on interest rate and the solicitation materials must describe the provisions of 2-17-1204.