63B-18-401 - Highway bonds -- Maximum amount -- Use of proceeds for highway projects.
63B-18-401. Highway bonds -- Maximum amount -- Use of proceeds for highwayprojects.
(1) (a) The total amount of bonds issued under this section may not exceed$2,207,000,000.
(b) When the Department of Transportation certifies to the commission that therequirements of Subsection 72-2-124(6) have been met and certifies the amount of bond proceedsthat it needs to provide funding for the projects described in Subsection (2) for the next fiscalyear, the commission may issue and sell general obligation bonds in an amount equal to thecertified amount plus costs of issuance.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Department ofTransportation to pay all or part of the costs of the following state highway construction orreconstruction projects:
(i) Interstate 15 reconstruction in Utah County;
(ii) the Mountain View Corridor;
(iii) the Southern Parkway; and
(iv) state and federal highways prioritized by the Transportation Commission through:
(A) the prioritization process for new transportation capacity projects adopted underSection 72-1-304; or
(B) the state highway construction program.
(b) The costs under Subsection (2)(a) may include the cost of acquiring land, interests inland, easements and rights-of-way, improving sites, and making all improvements necessary,incidental, or convenient to the facilities, interest estimated to accrue on these bonds during theperiod to be covered by construction of the projects plus a period of six months after the end ofthe construction period, interest estimated to accrue on any bond anticipation notes issued underthe authority of this title, and all related 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 the projectsdescribed in Subsection (2) before the receipt of proceeds of bonds issued under this section.
Enacted by Chapter 241, 2009 General Session