63B-12-101 - Capital facilities bonds -- Maximum amount -- Projects authorized.
63B-12-101. Capital facilities bonds -- Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this section may not exceed $65,300,000.
(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:
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CAPITAL IMPROVEMENTS
Alterations, Repairs,
and Improvements $4,200,000
TOTAL CAPITAL IMPROVEMENTS $4,200,000
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CAPITAL DEVELOPMENT PROJECTS
Estimated
Operations Project
Project and Amount
Description Maintenance Funded
---------------------------- ----------------- ----------------
Division of Archives -
Building $143,000 $8,000,000
Utah Valley State College -
Purchase of
Vineyard Elementary $629,800 $6,600,000
Capitol Restoration $0 $5,800,000
Utah State University -
Library $600,000 $40,000,000
TOTAL CAPITAL
DEVELOPMENT
PROJECTS $60,400,000
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TOTAL GENERAL OBLIGATION BOND AUTHORIZATION
FOR CAPITAL IMPROVEMENTS AND
CAPITAL DEVELOPMENT PROJECTS $64,600,000
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(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 those
operations 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 or the state treasurer may make any statement of intent relating tothat reimbursement that is necessary or desirable to comply with federal tax law.
Enacted by Chapter 302, 2003 General Session