72-2-124 - Transportation Investment Fund of 2005.
72-2-124. Transportation Investment Fund of 2005.
(1) There is created a special revenue fund entitled the Transportation Investment Fundof 2005.
(2) The fund consists of money generated from the following sources:
(a) any voluntary contributions received for the maintenance, construction,reconstruction, or renovation of state and federal highways;
(b) appropriations made to the fund by the Legislature;
(c) the sales and use tax revenues deposited into the fund in accordance with Section59-12-103; and
(d) registration fees designated under Subsection 41-1a-1201(6).
(3) When the highway general obligation bonds have been paid off and the highwayprojects completed that are intended to be paid from revenues deposited in the CentennialHighway Fund Restricted Account as determined by the Executive Appropriations Committeeunder Subsection 72-2-118(6)(d), the fund shall also consist of money generated from thefollowing sources:
(a) registration fees designated under Subsection 41-1a-1201(5)(a); and
(b) the sales and use tax amounts provided for in Section 59-12-103.
(4) (a) The fund shall earn interest.
(b) All interest earned on fund money shall be deposited into the fund.
(5) (a) Except as provided in Subsection (5)(b), the executive director may use fundmoney only to pay:
(i) the costs of maintenance, construction, reconstruction, or renovation to state andfederal highways prioritized by the Transportation Commission through the prioritization processfor new transportation capacity projects adopted under Section 72-1-304;
(ii) the costs of maintenance, construction, reconstruction, or renovation to the highwayprojects described in Subsection 63B-18-401(2); and
(iii) principal, interest, and issuance costs of bonds authorized by Section 63B-18-401.
(b) The executive director may use fund money to exchange for an equal or greateramount of federal transportation funds to be used as provided in Subsection (5)(a).
(6) (a) Before bonds authorized by Section 63B-18-401 may be issued in any fiscal year,the department and the commission shall appear before the Executive Appropriations Committeeof the Legislature and present the amount of bond proceeds that the department needs to providefunding for the projects identified in Subsection 63B-18-401(2) for the next fiscal year.
(b) The Executive Appropriations Committee of the Legislature shall review andcomment on the amount of bond proceeds needed to fund the projects.
(7) The Division of Finance shall, from money deposited into the fund, transfer theamount of funds necessary to pay principal, interest, and issuance costs of bonds authorized bySection 63B-18-401 in the current fiscal year to the appropriate debt service or sinking fund.
Amended by Chapter 391, 2010 General Session