63B-8-102 - Maximum amount -- Projects authorized.
63B-8-102. Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $48,500,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the division to providefunds to pay all or part of the cost of acquiring and constructing the projects listed in thisSubsection (2).
(b) These costs may include the cost of acquiring land, interests in land, easements andrights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilitiesand all structures, roads, parking facilities, utilities, and improvements necessary, incidental, orconvenient to the facilities, interest estimated to accrue on these bonds during the period to becovered by construction of the projects plus a period of six months after the end of theconstruction period, and all related engineering, architectural, and legal fees.
(c) For the division, proceeds shall be provided for the following:
PROJECT AMOUNT ESTIMATED
DESCRIPTION FUNDED OPERATIONS AND
MAINTENANCE
Southern Utah University - $2,493,200 $447,744
Physical Education Building
Utah Valley State College - $29,000,000 $721,875
Information Sciences Building
University of Utah - $7,268,500 $140,217
Cowles Building Renovation
Vernal District Court $4,539,500 $149,989
Salt Lake Community College - $4,200,000 $281,784
Applied Education Center
TOTAL CAPITAL AND $47,501,200
ECONOMIC DEVELOPMENT
(d) For purposes of this section, operations and maintenance costs:
(i) are estimates only;
(ii) may include any operations and maintenance costs already funded in existing agencybudgets; and
(iii) are not commitments by this Legislature or future Legislatures to fund thoseoperations and maintenance costs.
(3) (a) The amounts funded as listed in Subsection (2) are estimates only and do notconstitute a limitation on the amount that may be expended for any project.
(b) The board may revise these estimates and redistribute the amount estimated for aproject among the projects authorized.
(c) The commission, by resolution and in consultation with the board, may delete one ormore projects from this list if the inclusion of that project or those projects in the list could beconstrued to violate state law or federal law or regulation.
(4) (a) The division may enter into agreements related to these projects before the receiptof proceeds of bonds issued under this chapter.
(b) The division shall make those expenditures from unexpended and unencumberedbuilding funds already appropriated to the Capital Projects Fund.
(c) The division shall reimburse the Capital Projects Fund upon receipt of the proceedsof bonds issued under this chapter.
(d) The commission may, by resolution, make any statement of intent relating to thatreimbursement that is necessary or desirable to comply with federal tax law.
(5) (a) For those projects for which only partial funding is provided in Subsection (2), itis the intent of the Legislature that the balance necessary to complete the projects be addressed byfuture Legislatures, either through appropriations or through the issuance or sale of bonds.
(b) For those phased projects, the division may enter into contracts for amounts not toexceed the anticipated full project funding but may not allow work to be performed on thosecontracts in excess 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 division does notbind future Legislatures to fund projects initiated from this authorization.
Amended by Chapter 382, 2008 General Session