63B-31-102. Transportation bonds — Maximum amount — Use for transportation projects and related facilities.
| (1) |
Terms Used In Utah Code 63B-31-102- 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
- Land: includes :Utah Code 68-3-12.5
- 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) |
Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $20,000,000. |
| (b) |
When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the projects described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount plus costs of issuance. |
| (c) |
The commission may not issue general obligation bonds authorized under this section if the issuance for general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. |
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| (2) |
| (a) |
Proceeds from the bonds issued under this section shall be provided to the Department of Transportation to pay for or to provide funds to a municipality or county to pay for the costs of right-of-way acquisition, construction, reconstruction, renovations, or improvements to highways, transportation facilities, or multimodal transportation projects described in Subsection (2)(b). |
| (b) |
Bond proceeds described under Subsection (2)(a) shall be used to pay for the following local transportation projects, transportation facilities, or multimodal transportation projects:
| (i) |
construction and improvements to 14600 South in Bluffdale; and |
| (ii) |
construction of a parking structure in South Jordan. |
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| (c) |
The costs under this Subsection (2) may include the costs of acquiring land, interests in land, easements and rights-of-way, the costs of improving sites, making all improvements necessary, incidental, or convenient to the facilities, and the costs of interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, interest estimated to accrue on any bond anticipation notes issued under the authority of this title, and all related engineering, architectural, and legal fees. |
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| (3) |
| (a) |
Proceeds from bonds authorized by this section shall be allocated, subject to Subsection (4)(a), as follows:
| (i) |
up to $12,000,000 to Bluffdale; and |
| (ii) |
up to $8,000,000 to South Jordan. |
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| (b) |
The executive director of the Department of Transportation may allocate bond proceeds under this section together, or for each project separately, when the executive director is satisfied that the planning, engineering, design, and commitment are present to complete the project. |
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| (4) |
| (a) |
Before the Department of Transportation may provide proceeds to a municipality for a project described in Subsection (2)(b), the municipality shall provide a detailed cost estimate of costs to complete the planning and design of the project. |
| (b) |
After receiving a cost estimate described in Subsection (4)(a), the Department of Transportation may provide to a municipality proceeds reasonably necessary to complete the planning and design of the project. |
| (c) |
After completion of the planning and design of a project, the municipality shall provide to the Department of Transportation a detailed estimate of the costs to construct and complete a project described in Subsection (2)(b). |
| (d) |
If approved by the executive director of the Department of Transportation, the Department of Transportation may provide funds to a municipality to construct and complete a project described in Subsection (2)(b). |
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Enacted by Chapter 420, 2021 General Session
Technically renumbered to avoid duplication of section number also enacted in HB433, Chapter 387.
