| (1) |
As used in this section:
Terms Used In Utah Code 63B-25-101- Bonds: means any bonds, bond anticipation notes, or other obligations authorized under this title for which the full faith, credit, and resources and ad valorem taxing power of the state have been pledged for the payment of the principal of and interest on the bonds. See Utah Code 63B-1-101
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Division: means the Division of Facilities Construction and Management. See Utah Code 63B-1-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (a) |
“Prison project” means the same as that term is defined in Section 63A-5b-1107. |
| (b) |
“Prison project fund” means the capital projects fund created in Subsection 63A-5b-1107(7). |
|
| (2) |
The commission may issue general obligation bonds as provided in this section. |
| (3) |
| (a) |
The total amount of bonds to be issued under this section may not exceed $570,000,000 for acquisition and construction proceeds, plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any existing debt service reserve requirements, with the total amount of the bonds not to exceed $575,700,000. |
| (b) |
The maturity of bonds issued under this section may not exceed 10 years. |
|
| (4) |
The commission shall ensure that proceeds from the issuance of bonds under this section are deposited into the Prison Project Fund for use by the division to pay all or part of the cost of the prison project, including:
| (a) |
interest estimated to accrue on the bonds authorized in this section until the completion of construction of the prison project, plus a period of 12 months after the end of construction; and |
| (b) |
all related engineering, architectural, and legal fees. |
|
| (5) |
| (a) |
The division may enter into agreements related to the prison project before the receipt of proceeds of bonds issued under this section. |
| (b) |
The division shall make those expenditures from unexpended and unencumbered building funds already appropriated to the Prison Project Fund. |
| (c) |
The division shall reimburse the Prison Project Fund upon receipt of the proceeds of bonds issued under this chapter. |
| (d) |
The state intends to use proceeds of tax-exempt bonds to reimburse itself for expenditures for costs of the prison project. |
|
| (6) |
Before issuing bonds authorized under this section, the commission shall request and consider a recommendation from the Legislative Management Committee, created in Section 36-12-6, regarding the timing and amount of the issuance. |
Amended by Chapter 152, 2020 General Session
