63B-6-202 - Maximum amount -- Projects authorized.
63B-6-202. Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $600,000,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Department ofTransportation to provide funds to pay all or part of the costs of state highway constructionprojects.
(b) These costs may include the cost of acquiring land, interests in land, easements andrights-of-way, improving sites, and making all improvements necessary, incidental, or convenientto the facilities, interest estimated to accrue on these bonds during the period to be covered byconstruction of the projects plus a period of six months after the end of the construction period,interest estimated to accrue on any bond anticipation notes issued under the authority of Chapter6, Part 3, Highway Bond Anticipation Note Authorization, and all related engineering,architectural, and legal fees.
(3) If, after completion of the projects authorized under Subsection (2)(a) and payment ofthe costs of issuing and selling the bonds under Section 63B-6-203, any bond proceeds remainunexpended, the Department of Transportation may use those unexpended proceeds to pay all orpart of the costs of construction projects approved by the Transportation Commission.
(4) The commission, may, by resolution, make any statement of intent relating to areimbursement that is necessary or desirable to comply with federal tax law.
(5) The Department of Transportation may enter into agreements related to that projectbefore the receipt of proceeds of bonds issued under this chapter.
Amended by Chapter 316, 1998 General Session