63B-17-102 - Bonds to purchase land sale contract -- Maximum amount -- Purchases authorized.
63B-17-102. Bonds to purchase land sale contract -- Maximum amount --Purchases authorized.
(1) The total amount of bonds issued under this section may not exceed $42,500,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Governor's Office ofEconomic Development to provide funds to pay all or part of the cost of purchasing contracts forthe sale of land if the purchase promotes a statewide public purpose such as promoting ease ofinterstate or intrastate travel or advancing economic development.
(b) These costs may include the cost of all related financial analysis and legal fees.
(3) The commission, by resolution and in consultation with the Governor's Office ofEconomic Development, may decline to issue the bonds authorized by this section if issuance ofthe bonds for the purpose authorized in this section could be construed to violate state law orfederal law or regulation.
Enacted by Chapter 378, 2008 General Session