72-2-118. Centennial Highway Fund.
| (1) |
There is created a capital projects fund entitled the Centennial Highway Fund within the Transportation Investment Fund of 2005 created by Section 72-2-124. |
Terms Used In Utah Code 72-2-118
- Commission: means the Transportation Commission created under Section 72-1-301. See Utah Code 72-1-102
- Construction: means the construction, reconstruction, replacement, and improvement of the highways, including the acquisition of rights-of-way and material sites. See Utah Code 72-1-102
- Department: means the Department of Transportation created in Section 72-1-201. See Utah Code 72-1-102
- Executive director: means the executive director of the department appointed under Section 72-1-202. See Utah Code 72-1-102
- Highway: means any public road, street, alley, lane, court, place, viaduct, tunnel, culvert, bridge, or structure laid out or erected for public use, or dedicated or abandoned to the public, or made public in an action for the partition of real property, including the entire area within the right-of-way. See Utah Code 72-1-102
- 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
| (2) |
The account consists of money generated from the following revenue sources:
| (a) |
any voluntary contributions received for the construction, reconstruction, or renovation of state or federal highways; and |
| (b) |
appropriations made to the fund by the Legislature. |
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| (3) |
| (a) |
The fund shall earn interest. |
| (b) |
All interest earned on fund money shall be deposited into the fund. |
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| (4) |
The executive director may use fund money, as prioritized by the Transportation Commission, only to pay the costs of construction, reconstruction, or renovation to state and federal highways. |
| (5) |
When the highway general obligation bonds have been paid off and the highway projects completed that are intended to be paid from revenues deposited in the account as determined by the Executive Appropriations Committee under Subsection (6)(c), the Division of Finance shall transfer any existing balance in the account into the Transportation Investment Fund of 2005 created by Section 72-2-124. |
| (6) |
| (a) |
The Division of Finance shall monitor the highway general obligation bonds that are being paid from revenues deposited in the fund. |
| (b) |
The department shall monitor the highway construction, reconstruction, or renovation projects that are being paid from revenues deposited in the fund. |
| (c) |
The department shall notify the State Tax Commission and the Division of Finance when:
| (i) |
all highway general obligation bonds that are intended to be paid from revenues deposited in the fund have been paid off; and |
| (ii) |
all highway projects that are intended to be paid from revenues deposited in the account have been completed. |
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Amended by Chapter 281, 2018 General Session
