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H.B. 2
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5 AN ACT RELATING TO BONDING FOR HIGHWAY CONSTRUCTION AND REPAIR;
6 AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS FOR
7 HIGHWAYS AND RELATED FACILITIES; AUTHORIZING THE ISSUANCE AND SALE
8 OF GENERAL OBLIGATION BOND ANTICIPATION NOTES FOR HIGHWAYS AND
9 RELATED FACILITIES; SPECIFYING THE USE OF BOND AND NOTE PROCEEDS AND
10 THE MANNER OF ISSUANCE; IMPOSING AND ABATING A PROPERTY TAX;
11 CREATING SINKING FUNDS; MODIFYING DEBT LIMIT REQUIREMENTS;
12 AUTHORIZING CERTAIN OTHER HIGHWAY EXPENDITURES; PROVIDING FOR
13 RELATED MATTERS; AND MAKING TECHNICAL CORRECTIONS.
14 This act affects sections of Utah Code Annotated 1953 as follows:
15 AMENDS:
16 63-38c-402, as last amended by Chapter 270, Laws of Utah 1997
17 63B-7-202, as enacted by Chapter 316, Laws of Utah 1998
18 ENACTS:
19 63B-8-201, Utah Code Annotated 1953
20 63B-8-202, Utah Code Annotated 1953
21 63B-8-203, Utah Code Annotated 1953
22 63B-8-204, Utah Code Annotated 1953
23 63B-8-205, Utah Code Annotated 1953
24 63B-8-206, Utah Code Annotated 1953
25 63B-8-207, Utah Code Annotated 1953
26 63B-8-208, Utah Code Annotated 1953
27 63B-8-209, Utah Code Annotated 1953
28 63B-8-210, Utah Code Annotated 1953
29 63B-8-211, Utah Code Annotated 1953
30 63B-8-212, Utah Code Annotated 1953
31 63B-8-213, Utah Code Annotated 1953
32 63B-8-214, Utah Code Annotated 1953
33 63B-8-215, Utah Code Annotated 1953
34 63B-8-216, Utah Code Annotated 1953
35 63B-8-217, Utah Code Annotated 1953
36 63B-8-301, Utah Code Annotated 1953
37 63B-8-302, Utah Code Annotated 1953
38 63B-8-303, Utah Code Annotated 1953
39 63B-8-304, Utah Code Annotated 1953
40 63B-8-503, Utah Code Annotated 1953
41 Be it enacted by the Legislature of the state of Utah:
42 Section 1. Section 63-38c-402 is amended to read:
43 63-38c-402. Debt limitation -- Vote requirement needed to exceed limitation --
44 Exceptions.
45 (1) (a) Except as provided in Subsection (1)(b), the outstanding general obligation debt
46 of the state may not exceed 20% of the maximum allowable appropriations limit unless approved
47 by more than a two-thirds vote of both houses of the Legislature.
48 (b) Notwithstanding the limitation contained in Subsection (1)(a), debt issued under the
49 authority of Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond Authorization
50 [
51 Title 63B, Chapter 7, Part 2, 1998 Highway General Obligation Bond Authorization, Title 63B,
52 Chapter 7, Part 3, 1998 Highway Bond Anticipation Note Authorization, Title 63B, Chapter 8, Part
53 2, 1999 Highway General Obligation Bond Authorization, and Title 63B, Chapter 8, Part 3, 1999
54 Highway Bond Anticipation Note Authorization, is not subject to the debt limitation established
55 by this section.
56 (2) This section does not apply if contractual rights will be impaired.
57 Section 2. Section 63B-7-202 is amended to read:
58 63B-7-202. Maximum amount -- Projects authorized.
59 (1) [
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71 (2) (a) Proceeds from the issuance of bonds shall be provided to the Department of
72 Transportation to provide funds to pay all or part of the costs of state highway construction or
73 reconstruction projects.
74 (b) These costs may include the cost of acquiring land, interests in land, easements and
75 rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient
76 to the facilities, interest estimated to accrue on these bonds during the period to be covered by
77 construction of the projects plus a period of six months after the end of the construction period,
78 interest estimated to accrue on any bond anticipation notes issued under the authority of Chapter
79 7, Part 3, Highway Bond Anticipation Note Authorization, and all related engineering,
80 architectural, and legal fees.
81 (3) If, after completion of the projects authorized under Subsection (2)(a) and payment of
82 the costs of issuing and selling the bonds under Section 63B-7-203 , any bond proceeds remain
83 unexpended, the Department of Transportation may use those unexpended proceeds to pay all or
84 part of the costs of construction projects approved and prioritized by the Transportation
85 Commission.
86 (4) The commission may, by resolution, make any statement of intent relating to a
87 reimbursement that is necessary or desirable to comply with federal tax law.
88 (5) The Department of Transportation may enter into agreements related to that project
89 before the receipt of proceeds of bonds issued under this chapter.
90 Section 3. Section 63B-8-201 is enacted to read:
91
92 63B-8-201. State Bonding Commission authorized to issue general obligation bonds.
93 The commission created under Section 63B-1-201 may issue and sell general obligation
94 bonds of the state pledging the full faith, credit, and resources of the state for the payment of the
95 principal of and interest on the bonds, to provide funds to the Department of Transportation.
96 Section 4. Section 63B-8-202 is enacted to read:
97 63B-8-202. Maximum amount -- Projects authorized.
98 (1) The total amount of bonds issued under this part may not exceed $68,000,000.
99 (2) (a) Proceeds from the issuance of bonds shall be provided to the Department of
100 Transportation to provide funds to pay all or part of the costs of state highway construction or
101 reconstruction projects.
102 (b) These costs may include the cost of acquiring land, interests in land, easements and
103 rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient
104 to the facilities, interest estimated to accrue on these bonds during the period to be covered by
105 construction of the projects plus a period of six months after the end of the construction period,
106 interest estimated to accrue on any bond anticipation notes issued under the authority of Chapter
107 8, Part 3, Highway Bond Anticipation Note Authorization, and all related engineering,
108 architectural, and legal fees.
109 (3) If, after completion of the projects authorized under Subsection (2)(a) and payment of
110 the costs of issuing and selling the bonds under Section 63B-8-203 , any bond proceeds remain
111 unexpended, the Department of Transportation may use those unexpended proceeds to pay all or
112 part of the costs of construction projects approved and prioritized by the Transportation
113 Commission.
114 (4) The commission may, by resolution, make any statement of intent relating to a
115 reimbursement that is necessary or desirable to comply with federal tax law.
116 (5) The Department of Transportation may enter into agreements related to that project
117 before the receipt of proceeds of bonds issued under this chapter.
118 Section 5. Section 63B-8-203 is enacted to read:
119 63B-8-203. Bond proceeds may be used to pay costs of issuance and sale.
120 The proceeds of bonds issued under this chapter shall be used for the purposes described
121 in Section 63B-8-202 and to pay all or part of any cost incident to the issuance and sale of the
122 bonds including, without limitation, printing, registration and transfer costs, legal fees, trustees'
123 fees, financial advisors' fees, liquidity providers' fees, credit enhancement providers' fees, and
124 underwriters' discount.
125 Section 6. Section 63B-8-204 is enacted to read:
126 63B-8-204. Manner of issuance -- Amounts, interest, and maturity.
127 (1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a
128 manner determined by the commission by resolution.
129 (2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest
130 rates, including a variable rate, and maturity dates as the commission determines by resolution.
131 (3) A bond issued may not mature later than 15 years after the dated date of the bonds.
132 Section 7. Section 63B-8-205 is enacted to read:
133 63B-8-205. Terms and conditions of sale -- Plan of financing -- Signatures --
134 Replacement -- Registration -- Federal rebate.
135 (1) In the issuance of bonds, the commission may determine by resolution:
136 (a) the manner of sale, including public or private sale;
137 (b) the terms and conditions of sale, including price, whether at, below, or above face
138 value;
139 (c) denominations;
140 (d) form;
141 (e) manner of execution;
142 (f) manner of authentication;
143 (g) place and medium of purchase;
144 (h) redemption terms; and
145 (i) other provisions and details it considers appropriate.
146 (2) The commission may, by resolution, adopt a plan of financing, which may include
147 terms and conditions of arrangements entered into by the commission on behalf of the state with
148 financial and other institutions for letters of credit, standby letters of credit, reimbursement
149 agreements, and remarketing, indexing, and tender agent agreements to secure the bonds, including
150 payment from any legally available source of fees, charges, or other amounts coming due under
151 the agreements entered into by the commission.
152 (3) (a) Any signature of a public official authorized by resolution of the commission to
153 sign the bonds may be a facsimile signature of that official imprinted, engraved, stamped, or
154 otherwise placed on the bonds.
155 (b) If all signatures of public officials on the bonds are facsimile signatures, provision shall
156 be made for a manual authenticating signature on the bonds by or on behalf of a designated
157 authentication agent.
158 (c) If an official ceases to hold office before delivery of the bonds signed by that official,
159 the signature or facsimile signature of the official is nevertheless valid for all purposes.
160 (d) A facsimile of the state seal may be imprinted, engraved, stamped, or otherwise placed
161 on the bonds.
162 (4) (a) The commission may enact resolutions providing for the replacement of lost,
163 destroyed, or mutilated bonds, or for the exchange of bonds after issuance for bonds of smaller or
164 larger denominations.
165 (b) Bonds in changed denominations shall:
166 (i) be exchanged for the original bonds in like aggregate principal amounts and in a
167 manner that prevents the duplication of interest; and
168 (ii) bear interest at the same rate, mature on the same date, and be as nearly as practicable
169 in the form of the original bonds.
170 (5) (a) Bonds may be registered as to both principal and interest or may be in a book entry
171 form under which the right to principal and interest may be transferred only through a book entry.
172 (b) The commission may provide for the services and payment for the services of one or
173 more financial institutions or other entities or persons, or nominees, within or outside the state, for
174 the authentication, registration, transfer, including record, bookkeeping, or book entry functions,
175 exchange, and payment of the bonds.
176 (c) The records of ownership, registration, transfer, and exchange of the bonds, and of
177 persons to whom payment with respect to the obligations is made, are private records as provided
178 in Section 63-2-302 , or protected records as provided in Section 63-2-304 .
179 (d) The bonds and any evidences of participation interest in the bonds may be issued,
180 executed, authenticated, registered, transferred, exchanged, and otherwise made to comply with
181 Title 15, Chapter 8, Registered Public Obligations Act, or any other act of the Legislature relating
182 to the registration of obligations enacted to meet the requirements of Section 149 of the Internal
183 Revenue Code of 1986, as amended, or any successor to it, and applicable regulations.
184 (6) The commission may:
185 (a) by resolution, provide for payment to the United States of whatever amounts are
186 necessary to comply with Section 148 (f) of the Internal Revenue Code of 1986, as amended; and
187 (b) enter into agreements with financial and other institutions and attorneys to provide for:
188 (i) the calculation, holding, and payment of those amounts; and
189 (ii) payment from any legally available source of fees, charges, or other amounts coming
190 due under any agreements entered into by the commission.
191 Section 8. Section 63B-8-206 is enacted to read:
192 63B-8-206. Constitutional debt limitation.
193 (1) The commission may not issue bonds under this chapter in an amount that violates the
194 limitation described in Utah Constitution Article XIV, Section 1.
195 (2) For purposes of applying the debt limitation contained in Utah Constitution Article
196 XIV, Section 1, the value of the taxable property in Utah is considered to be 100% of the fair
197 market value of the taxable property of the state, as computed from the last assessment for state
198 purposes previous to the issuance of the bonds.
199 Section 9. Section 63B-8-207 is enacted to read:
200 63B-8-207. Tax levy -- Abatement of tax.
201 (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there
202 is levied a direct annual tax on all real and personal property within the state subject to state
203 taxation, sufficient to pay:
204 (a) applicable bond redemption premiums, if any;
205 (b) interest on the bonds as it becomes due; and
206 (c) principal of the bonds as it becomes due.
207 (2) (a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
208 (b) The tax shall be collected and the proceeds applied as provided in this chapter.
209 (3) The direct annual tax imposed under this section is abated to the extent money is
210 available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond
211 interest, principal, and redemption premiums.
212 Section 10. Section 63B-8-208 is enacted to read:
213 63B-8-208. Creation of sinking fund.
214 (1) There is created a sinking fund, to be administered by the state treasurer, entitled the
215 "1999 Highway General Obligation Bonds Sinking Fund."
216 (2) All monies deposited in the sinking fund, from whatever source, shall be used to pay
217 debt service on the bonds.
218 (3) The proceeds of all taxes levied under this chapter are appropriated to this fund.
219 (4) The state treasurer may create separate accounts within the sinking fund for each series
220 of bonds issued.
221 Section 11. Section 63B-8-209 is enacted to read:
222 63B-8-209. Payment of interest, principal, and redemption premiums.
223 (1) The Division of Finance shall draw warrants on the state treasury before any interest,
224 principal, or redemption premiums become due on the bonds.
225 (2) After receipt of the warrants, the state treasurer shall:
226 (a) promptly pay the warrants from funds within the sinking fund; and
227 (b) immediately transmit the amount paid to the paying agent for the bonds.
228 Section 12. Section 63B-8-210 is enacted to read:
229 63B-8-210. Investment of sinking fund money.
230 (1) The state treasurer may, by following the procedures and requirements of Title 51,
231 Chapter 7, State Money Management Act, invest any money contained in the sinking fund until
232 it is needed for the purposes for which the fund is created.
233 (2) Unless otherwise provided in the resolution of the commission authorizing the issuance
234 of bonds under this chapter, the treasurer shall retain all income from the investment of any money
235 contained in the sinking fund in the sinking fund and use it for the payment of debt service on the
236 bonds.
237 Section 13. Section 63B-8-211 is enacted to read:
238 63B-8-211. Bond proceeds -- Deposits -- Investment -- Disposition of investment
239 income and unexpended proceeds.
240 (1) (a) Proceeds from the sale of bonds issued under this chapter shall be deposited within
241 one or more accounts as determined by resolution of the commission.
242 (b) The state treasurer shall administer and maintain these accounts unless otherwise
243 provided by the commission by resolution.
244 (c) The commission, by resolution, may provide for the deposit of these monies with a
245 trustee and the administration, disposition, or investment of these monies by this trustee.
246 (2) (a) The commission, by resolution, shall provide for the kinds of investments in which
247 the proceeds of bonds issued under this chapter may be invested.
248 (b) Income from the investment of proceeds of bonds issued under this chapter shall be
249 applied as provided by resolution of the commission.
250 (3) Any unexpended bond proceeds issued under this chapter shall be deposited, upon
251 completion of the purposes for which the bonds were issued, in the sinking fund, unless otherwise
252 provided in the resolution of the commission authorizing the issuance of bonds under this chapter.
253 Section 14. Section 63B-8-212 is enacted to read:
254 63B-8-212. Refunding of bonds.
255 (1) The commission may provide for the refunding of any of the bonds in accordance with
256 Title 11, Chapter 27, Utah Refunding Bond Act.
257 (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state is considered
258 the public body and the commission its governing body.
259 Section 15. Section 63B-8-213 is enacted to read:
260 63B-8-213. Certification of satisfaction of conditions precedent -- Conclusiveness.
261 (1) The commission may not issue any bond under this chapter until it finds and certifies
262 that all conditions precedent to issuance of the bonds have been satisfied.
263 (2) A recital on any bond of this finding and certification conclusively establishes the
264 completion and satisfaction of all such conditions.
265 Section 16. Section 63B-8-214 is enacted to read:
266 63B-8-214. Tax exemption.
267 The bonds issued under this chapter, any interest paid on the bonds, and any income from
268 the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.
269 Section 17. Section 63B-8-215 is enacted to read:
270 63B-8-215. Legal investment status.
271 Bonds issued under this chapter are legal investments for all state trust funds, insurance
272 companies, banks, trust companies, and the State School Fund and may be used as collateral to
273 secure legal obligations.
274 Section 18. Section 63B-8-216 is enacted to read:
275 63B-8-216. Publication of resolution or notice -- Limitation on actions to contest
276 legality.
277 (1) The commission may:
278 (a) publish any resolution it adopts under this chapter once in a newspaper having general
279 circulation in Utah; or
280 (b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled
281 as such, containing the information required by Subsection 11-14-21 (3).
282 (2) (a) Any interested person, for 30 days after the date of publication, may contest:
283 (i) the legality of the resolution;
284 (ii) any of the bonds authorized under it; or
285 (iii) any of the provisions made for the security and repayment of the bonds.
286 (b) After 30 days, a person may not contest the legality of the resolution, any of the bonds
287 authorized under it, or any of the provisions made for the security and repayment of the bonds for
288 any cause.
289 Section 19. Section 63B-8-217 is enacted to read:
290 63B-8-217. Report to Legislature.
291 The governor shall report the commission's proceedings to each annual general session of
292 the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.
293 Section 20. Section 63B-8-301 is enacted to read:
294
295 63B-8-301. Definitions.
296 As used in this part:
297 (1) "Bond anticipation note" means a note issued in anticipation of the receipt of the
298 proceeds of the sale of the bonds authorized under Part 2 of this chapter.
299 (2) "Flexible note" means a bond anticipation note whose interest is payable at maturity,
300 and may be payable on one or more dates before maturity.
301 (3) (a) "Short-term series note" means a bond anticipation note that is one of a series of
302 notes issued pursuant to a financing program under which it is expected that:
303 (i) each note will be paid from the proceeds of one or more renewal notes of that series;
304 and
305 (ii) the final note or notes of the series will be paid from:
306 (A) the proceeds of bonds in anticipation of the receipt of which the note or notes were
307 issued; or
308 (B) monies of the state on hand and legally available for that purpose.
309 (b) "Short-term series note" includes any note issued pursuant to a revolving credit
310 agreement or other similar liquidity facility for the purpose of renewing or paying outstanding
311 short-term series notes on their stated maturity dates when those short-term series notes are not
312 renewed or paid from the proceeds of one or more other renewal notes of the series.
313 Section 21. Section 63B-8-302 is enacted to read:
314 63B-8-302. Authorization, terms, and procedures.
315 (1) The state treasurer may, by written order, issue bond anticipation notes and renewals
316 of bond anticipation notes, including flexible notes and short-term series notes, in the form and
317 with the terms that he determines.
318 (2) The state treasurer may:
319 (a) enter into whatever agreements with other persons that he considers necessary or
320 appropriate in connection with the issuance, sale, and resale of the notes; and
321 (b) resell or retire any notes purchased by the state before the stated maturity of those
322 notes.
323 (3) (a) The notes and renewals of the notes shall:
324 (i) bear the interest rate or rates as determined by the state treasurer; and
325 (ii) mature within a period not to exceed three years.
326 (b) The notes and renewals of notes may:
327 (i) bear a variable interest rate; and
328 (ii) be redeemed prior to maturity by the state treasurer, but only in accordance with the
329 provisions of the notes relating to redemption prior to maturity.
330 (4) The proceeds from the sale of the notes may be used only for:
331 (a) the purposes established in Section 63B-8-202 ;
332 (b) the payment of principal of and, if not otherwise provided, interest on, bond
333 anticipation notes;
334 (c) the payment of costs of issuance, credit enhancement, and liquidity support; or
335 (d) any combination of Subsections (4)(a), (b), and (c).
336 (5) (a) All of the notes and any renewals of the notes shall be payable from the proceeds
337 of the sale of bonds.
338 (b) A renewal of any note may not be issued after the sale of bonds in anticipation of
339 which the original note was issued.
340 (6) If a sale of the bonds has not occurred before the maturity of the notes issued in
341 anticipation of the sale, the state treasurer shall, in order to meet the notes then maturing:
342 (a) issue renewal notes for that purpose;
343 (b) pay the notes from state monies legally available for paying those notes; or
344 (c) any combination of Subsections (6)(a) and (b).
345 (7) Each note and any renewal of any note, with the interest on the note or renewal,
346 constitute general obligations of the state.
347 (8) Each note and any renewal of any note, with the interest on the note or renewal, shall
348 be:
349 (a) secured by the full faith, credit, and resources of the state in the manner provided in
350 Part 2 of this chapter;
351 (b) payable from:
352 (i) the proceeds of the sale of the bonds and not from any other borrowing; and
353 (ii) monies of the state on hand and legally available for that purpose; or
354 (iii) any combination of Subsections (8)(b)(i) and (ii); and
355 (c) payable within five years from the date of original issue.
356 (9) The total amount of notes or renewals of notes issued and outstanding at any one time
357 may not exceed the total amount of bonds authorized to be issued but not yet issued.
358 (10) The state treasurer shall, in his annual report to the governor, include a detailed
359 statement of all notes and bonds issued during the year and of his actions in relation to them.
360 Section 22. Section 63B-8-303 is enacted to read:
361 63B-8-303. Purchase and redemption requirements.
362 (1) The notes and renewals of notes may provide the holders of the notes or renewals of
363 notes with the right to require the state or other persons to purchase or redeem the notes or renewal
364 notes before the stated maturity of the notes or renewals.
365 (2) Notwithstanding Subsection (1), the holders of the notes and renewals of notes may
366 not be provided with the right to require the state to repurchase or redeem the notes and renewals
367 of the notes before their stated maturity unless the state has entered into one or more letter of credit
368 agreements or other liquidity facility agreements:
369 (a) for the express purpose of those repurchases or redemptions;
370 (b) that require a financially responsible party or parties to the agreement or agreements,
371 other than the state, to purchase or redeem all or any portion of the notes and renewals of notes
372 tendered by the holders of the notes or renewals of notes for repurchase or redemption before the
373 stated maturity of the notes and renewals of notes; and
374 (c) that continue until the right of the holders of the notes and renewals of notes to require
375 repurchase or redemption of the notes and renewals of notes before the stated maturity has ceased.
376 Section 23. Section 63B-8-304 is enacted to read:
377 63B-8-304. General provisions -- Funds and accounts.
378 (1) (a) Sections 63B-8-205 , 63B-8-206 , 63B-8-213 , 63B-8-214 , 63B-8-215 , and
379 63B-8-216 apply to any notes or renewals of notes issued under this part.
380 (b) (i) For purposes of this part, any action that those sections require or permit the
381 commission to take shall be considered sufficient if taken by the state treasurer.
382 (ii) The treasurer may take action by issuing a written order, or in some other manner that
383 he finds necessary or convenient, to accomplish the purposes of this part.
384 (2) The treasurer may:
385 (a) in a written order, establish whatever funds and accounts are necessary or desirable to
386 carry out the purposes of this part; and
387 (b) until the monies are needed for the purpose for which the fund or account was created,
388 invest the monies held in those funds and accounts by following the procedures and requirements
389 of Title 51, Chapter 7, State Money Management Act.
390 Section 24. Section 63B-8-503 is enacted to read:
391 63B-8-503. Highway intent language.
392 (1) It is the intent of the Legislature that the state treasurer structure the financing so that:
393 (a) the debt service is minimized; and
394 (b) the debt may be paid off before July 1, 2007.
395 (2) It is the intent of the Legislature that:
396 (a) $26,000,000 of the bond proceeds issued under this chapter be expended for the
397 construction of the I-15 interchange project at 11400 South in Salt Lake County;
398 (b) the $44,000,000 allocated as a Centennial Highway Fund project for the extension of
399 20th East in Salt Lake County be reduced by $26,000,000;
400 (c) the Department of Transportation begin construction on the 11400 South project in
401 fiscal year 1999-2000 instead of fiscal year 2007-2008 if the affected local entities provide for the
402 payment of interest and issuance costs due on the notes or bonds in a manner satisfactory to the
403 state treasurer and the executive director of the Department of Transportation; and
404 (d) the 20th East funding schedule as contemplated in the Centennial Highway program
405 as of March 3, 1999 is applied in calculating the interest and issuance costs due under this
406 subsection.
Legislative Review Note
as of 2-25-99 7:52 PM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.