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First Substitute S.B. 4001

Senator Beverly Ann Evans proposes the following substitute bill:


             1     
2002 BONDING FOR CAPITAL PROJECTS

             2     
2002 FOURTH SPECIAL SESSION

             3     
STATE OF UTAH

             4     
Sponsor: Beverly Ann Evans

             5      This act modifies the Bonding Code by authorizing the issuance and sale of additional
             6      general obligation bonds by the State Bonding Commission for additional capital facilities.
             7      This act takes effect immediately.
             8      This act affects sections of Utah Code Annotated 1953 as follows:
             9      AMENDS:
             10          63B-11-102, as enacted by Chapter 199, Laws of Utah 2002
             11      Be it enacted by the Legislature of the state of Utah:
             12          Section 1. Section 63B-11-102 is amended to read:
             13           63B-11-102. Maximum amount -- Projects authorized.
             14          (1) The total amount of bonds issued under this part may not exceed [$109,500,000]
             15      $180,200,000.
             16          (2) (a) Proceeds from the issuance of bonds shall be provided to the division to provide
             17      funds to pay all or part of the cost of acquiring and constructing the projects listed in this
             18      Subsection (2).
             19          (b) These costs may include the cost of acquiring land, interests in land, easements and
             20      rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities and
             21      all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or
             22      convenient to the facilities, interest estimated to accrue on these bonds during the period to be
             23      covered by construction of the projects plus a period of six months after the end of the construction
             24      period, and all related engineering, architectural, and legal fees.
             25          (c) For the division, proceeds shall be provided for the following:


             26      PROJECT                         AMOUNT         ESTIMATED
             27      DESCRIPTION                     FUNDED         OPERATIONS
             28                                              AND
             29                                              MAINTENANCE
             30      Dixie State College                     
             31          Eccles/Graff Performing Arts Center        $13,308,000        $281,200
             32      Snow College Performing Arts Center        $15,583,000        $200,000
             33      Weber State University Classroom Building
             34          -- Davis Campus                $20,500,000        $558,200
             35      University of Utah Health Sciences Building    $23,522,000        $676,000
             36      Capitol Restoration Design/Parking Structure    $25,970,000        $ 0
             37      Utah Valley State College Wasatch Campus        $9,587,000        $324,600
             38      Capitol Remodel                    $19,000,000        $600,000
             39      Classroom Package (CEU, USU, UVSC)        $44,813,500        $1,005,000
             40      Utah Fieldhouse of Natural History            $5,741,000        $0
             41      Snow College Performing Arts Design        $500,000        $0
             42      TOTAL CAPITAL AND
             43      ECONOMIC DEVELOPMENT            [$108,470,000] $178,524,500
             44          (d) For purposes of this section, operations and maintenance costs:
             45          (i) are estimates only;
             46          (ii) may include any operations and maintenance costs already funded in existing agency
             47      budgets; and
             48          (iii) are not commitments by this Legislature or future Legislatures to fund those
             49      operations and maintenance costs.
             50          (3) (a) The amounts funded as listed in Subsection (2) are estimates only and do not
             51      constitute a limitation on the amount that may be expended for any project.
             52          (b) The board may revise these estimates and redistribute the amount estimated for a
             53      project among the projects authorized.
             54          (c) The commission, by resolution and in consultation with the board, may delete one or
             55      more projects from this list if the inclusion of that project or those projects in the list could be
             56      construed to violate state law or federal law or regulation.


             57          (4) (a) The division may enter into agreements related to these projects before the receipt
             58      of proceeds of bonds issued under this chapter.
             59          (b) The division shall make those expenditures from unexpended and unencumbered
             60      building funds already appropriated to the Capital Projects Fund.
             61          (c) The division shall reimburse the Capital Projects Fund upon receipt of the proceeds of
             62      bonds issued under this chapter.
             63          (d) The commission may, by resolution, make any statement of intent relating to that
             64      reimbursement that is necessary or desirable to comply with federal tax law.
             65          Section 2. Effective date.
             66          If approved by two-thirds of all the members elected to each house, this act takes effect
             67      upon approval by the governor, or the day following the constitutional time limit of Utah
             68      Constitution Article VII, Section 8, without the governor's signature, or in the case of a veto, the
             69      date of veto override.


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