63B-11-302 - Maximum amount -- Projects authorized.
63B-11-302. Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $159,000,000.
(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 construction orreconstruction projects.
(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 Chapter11, Part 4, 2002 Highway General Obligation Bond Anticipation Notes Authorization, and allrelated engineering, architectural, and legal fees.
(3) The commission or the state treasurer may make any statement of intent relating to areimbursement that is necessary or desirable to comply with federal tax law.
(4) The Department of Transportation may enter into agreements related to that projectbefore the receipt of proceeds of bonds issued under this chapter.
Enacted by Chapter 278, 2002 General Session