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H.B. 4





Chief Sponsor: Gage Froerer

Senate Sponsor: J. Stuart Adams

             7      LONG TITLE
             8      General Description:
             9          This bill authorizes the issuance of general obligation bonds for certain capital
             10      facilities.
             11      Highlighted Provisions:
             12          This bill:
             13          .    modifies the Bonding Code by authorizing the issuance and sale of general
             14      obligations bonds by the State Bonding Commission for capital facilities;
             15          .    specifies the use of the general obligations bond proceeds and the manner of
             16      issuance; and
             17          .    provides expressions of legislative intent.
             18      Money Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          This bill provides an immediate effective date.
             22      Utah Code Sections Affected:
             23      ENACTS:
             24          63B-20-101, Utah Code Annotated 1953
             26      Be it enacted by the Legislature of the state of Utah:
             27          Section 1. Section 63B-20-101 is enacted to read:


Part 1. 2011 General Obligation Bond Authorizations

             30          63B-20-101. Capital Facilities bonds -- Maximum amount -- Projects authorized.
             31          (1) The total amount of bonds issued under this section may not exceed $88,516,000
             32      for acquisition and construction proceeds, plus additional amounts necessary to pay costs of
             33      issuance, to pay capitalized interest, and to fund any debt service reserve requirements, with the
             34      total amount of the bonds not to exceed $89,401,200.
             35          (2) (a) Proceeds from the issuance of bonds shall be provided to the division to provide
             36      funds to pay all or part of the cost of acquiring and constructing the projects listed in this
             37      Subsection (2).
             38          (b) These costs may include the cost of acquiring land, interests in land, easements and
             39      rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities
             40      and all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or
             41      convenient to the facilities, interest estimated to accrue on these bonds during the period to be
             42      covered by construction of the projects plus a period of six months after the end of the
             43      construction period, and all related engineering, architectural, and legal fees.
             44          (c) For the division, proceeds shall be provided for the following:
             45      ------------------------------------------------------------------------------------------------------------
             47                              Estimated Operations     Amount
             48      Project Description                and Maintenance        Funded
             49      ------------------------------------------------------------------------------------------------------------
             50      Utah State Hospital Building Consolidation
             51          Department of Human Services        $14,500        $25,000,000
             52      Professional Programs Classroom Building
             53          Weber State University            $725,000        $31,535,000
             54      Tooele County Campus
             55          Tooele Applied Technology College        $569,000         $9,981,000
             56      Business Building Addition/Remodel
             57          Utah State University                $797,000        $14,000,000
             58      State Warehouse Remodel

             59          State Archives and Davis Applied
             60          Technology College                $80,000        $5,000,000
             61      Herriman Land Purchase
             62          Salt Lake Community College        $0            $3,000,000
             63      TOTAL CAPITAL DEVELOPMENT PROJECTS                 $88,516,000
             64      ------------------------------------------------------------------------------------------------------------
             65      ADDITIONAL AUTHORIZED AMOUNTS            $885,200
             67          FOR CAPITAL DEVELOPMENT PROJECTS            $89,401,200
             68      ------------------------------------------------------------------------------------------------------------
             69          (d) For purposes of this section, operations and maintenance costs:
             70          (i) are estimates only;
             71          (ii) may include any operations and maintenance costs already funded in existing
             72      agency budgets; and
             73          (iii) are not commitments by this Legislature or future Legislatures to fund those
             74      operations and maintenance costs.
             75          (e) Notwithstanding prohibitions on using state funds for operations and maintenance
             76      costs for that portion of the professional programs classroom building for Weber State
             77      University, that project shall be authorized to receive operations and maintenance costs as
             78      specifically provided in this section.
             79          (3) (a) The amounts funded as listed in Subsection (2) are estimates only and do not
             80      constitute a limitation on the amount that may be expended for any project.
             81          (b) The board may revise these estimates and redistribute the amount estimated for a
             82      project among the projects authorized.
             83          (c) The commission, by resolution and in consultation with the board, may delete one
             84      or more projects from this list if the inclusion of that project or those projects in the list could
             85      be construed to violate state law or federal law or regulation.
             86          (4) (a) The division may enter into agreements related to these projects before the
             87      receipt of proceeds of bonds issued under this chapter.
             88          (b) The division shall make those expenditures from unexpended and unencumbered
             89      building funds already appropriated to the Capital Projects Fund.

             90          (c) The division shall reimburse the Capital Projects Fund upon receipt of the proceeds
             91      of bonds issued under this chapter.
             92          (d) The state intends to use proceeds of tax-exempt bonds to reimburse itself for
             93      expenditures for costs of the projects listed in Subsection (2)(c).
             94          (5) It is the intent of the Legislature that the funding authorized for projects in
             95      Subsection (2) does not include funds for public art.
             96          Section 2. Effective date.
             97          If approved by two-thirds of all the members elected to each house, this bill takes effect
             98      upon approval by the governor, or the day following the constitutional time limit of Utah
             99      Constitution Article VII, Section 8, without the governor's signature, or in the case of a veto,
             100      the date of veto override.

Legislative Review Note
    as of 3-10-11 5:49 PM

Office of Legislative Research and General Counsel

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