63B-7-402 - Maximum amount -- Projects authorized.
63B-7-402. Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $16,500,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the State TaxCommission to provide funds to pay all or part of the cost of the project described in thisSubsection (2).
(b) These costs may include:
(i) the cost of acquisition, development, and conversion of computer hardware andsoftware for motor vehicle fee systems and tax collection and accounting systems of the state;
(ii) interest estimated to accrue on these bonds during the period to be covered by thatdevelopment and conversion, plus a period of six months following the completion of thedevelopment and conversion; and
(iii) all related engineering, consulting, and legal fees.
(c) For the State Tax Commission, proceeds shall be provided for the following:
PROJECT AMOUNT
DESCRIPTION FUNDED
UTAX SYSTEMS $15,650,000
ACQUISITION AND DEVELOPMENT
(3) The commission, by resolution may decline to issue bonds if the project could beconstrued to violate state law or federal law or regulation.
(4) (a) For this project, for which only partial funding is provided in Subsection (2), it isthe intent of the Legislature that the balance necessary to complete the project be addressed byfuture Legislatures, either through appropriations or through the issuance or sale of bonds.
(b) The State Tax Commission may enter into contracts for amounts not to exceed theanticipated full project funding but may not allow work to be performed on those contracts inexcess of the funding already authorized by the Legislature.
(c) Those contracts shall contain a provision for termination of the contract for theconvenience of the state as required by Section 63G-6-601.
(d) It is also the intent of the Legislature that this authorization to the State TaxCommission does not bind future Legislatures to fund projects initiated from this authorization.
Amended by Chapter 382, 2008 General Session