72-2-121.1. Highway Projects Within Counties Fund — Accounting for revenues — Interest — Expenditure of revenues.
| (1) |
There is created a special revenue fund within the Transportation Fund known as the “Highway Projects Within Counties Fund.” |
Terms Used In Utah Code 72-2-121.1
- Department: means the Department of Transportation created in Section 72-1-201. 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
- 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
- State highway: means those highways designated as state highways in Title 72, Chapter 4, Designation of State Highways Act. See Utah Code 72-1-102
| (2) |
The Highway Projects Within Counties Fund shall be funded by revenues generated by a tax imposed by a county under Section 59-12-2216, if those revenues are allocated:
| (a) |
for a state highway within the county; and |
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| (3) |
The department shall make a separate accounting for:
| (a) |
the revenues described in Subsection (2); and |
| (b) |
each county for which revenues are deposited into the Highway Projects Within Counties Fund. |
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| (4) |
| (a) |
The Highway Projects Within Counties Fund shall earn interest. |
| (b) |
The department shall allocate the interest earned on the Highway Projects Within Counties Fund:
| (ii) |
to each county’s balance in the Highway Projects Within Counties Fund; and |
| (iii) |
on the basis of each county’s balance in the Highway Projects Within Counties Fund. |
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| (5) |
The department shall expend the revenues and interest deposited into the Highway Projects Within Counties Fund to pay:
| (a) |
for a state highway project within the county for which the requirements of Subsection 59-12-2216(6) are met; |
| (b) |
debt service on a project described in Subsection (5)(a); or |
| (c) |
bond issuance costs related to a project described in Subsection (5)(a). |
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Amended by Chapter 479, 2019 General Session
