S.B. 243

1

BONDS FOR HIGHWAY FUNDING
2 1997 GENERAL SESSION
3 STATE OF UTAH
4 Sponsor: Lyle W. Hillyard
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
10 AND THE MANNER OF ISSUANCE; IMPOSING AND ABATING A PROPERTY TAX;
11 CREATING SINKING FUNDS; MODIFYING DEBT LIMIT REQUIREMENTS;
12 PROVIDING FOR RELATED MATTERS; MAKING TECHNICAL CORRECTIONS; AND
13 PROVIDING AN EFFECTIVE DATE.
14 This act affects sections of Utah Code Annotated 1953 as follows:
15 AMENDS:
16 63-9a-6, as last amended by Chapter 260, Laws of Utah 1981
17 63-38c-402, as renumbered and amended by Chapter 275, Laws of Utah 1996
18 ENACTS:
19 63-49-23, Utah Code Annotated 1953
20 63B-6-201, Utah Code Annotated 1953
21 63B-6-202, Utah Code Annotated 1953
22 63B-6-203, Utah Code Annotated 1953
23 63B-6-204, Utah Code Annotated 1953
24 63B-6-205, Utah Code Annotated 1953
25 63B-6-206, Utah Code Annotated 1953
26 63B-6-207, Utah Code Annotated 1953
27 63B-6-208, Utah Code Annotated 1953

1 63B-6-209, Utah Code Annotated 1953
2 63B-6-210, Utah Code Annotated 1953
3 63B-6-211, Utah Code Annotated 1953
4 63B-6-212, Utah Code Annotated 1953
5 63B-6-213, Utah Code Annotated 1953
6 63B-6-214, Utah Code Annotated 1953
7 63B-6-215, Utah Code Annotated 1953
8 63B-6-216, Utah Code Annotated 1953
9 63B-6-217, Utah Code Annotated 1953
10 63B-6-301, Utah Code Annotated 1953
11 63B-6-302, Utah Code Annotated 1953
12 63B-6-303, Utah Code Annotated 1953
13 63B-6-304, Utah Code Annotated 1953
14 Be it enacted by the Legislature of the state of Utah:
15 Section 1. Section 63-9a-6 is amended to read:
16 63-9a-6. Obligations issued by authority -- Limitation of liability on obligations --
17 Limitation on amount of obligations issued.
18 (1) All obligations issued by the authority under this chapter shall be limited obligations
19 of the authority and shall not constitute, nor give rise to, a general obligation or liability of, nor a
20 charge against the general credit or taxing power of, this state or any of its political subdivisions.
21 This limitation shall be plainly stated upon all obligations.
22 (2) (a) No authority obligations incurred under this section may be issued in an amount
23 exceeding the difference between the total indebtedness of the state of Utah and an amount equal
24 to 1 1/2% of the value of the taxable property of the state.
25 (b) Debt issued under authority of Title 63B, Chapter 6, Part 2, 1997 Highway General
26 Obligation Bond Authorization, and Title 63B, Chapter 6, Part 3, 1997 Highway Bond
27 Anticipation Note Authorization, may not be included as part of the total indebtedness of the state
28 of Utah in determining the debt limit established by this Subsection (2).
29 (3) The obligations shall be authorized by resolution of the authority, following approval
30 of the Legislature, and may:
31 (a) be executed and delivered at any time, and from time to time, as the authority may

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1 determine;
2 (b) be sold at public or private sale in the manner and at the prices, either at, in excess of,
3 or below their face value and at such times as the authority may determine;
4 (c) be in the form and denominations as the authority may determine;
5 (d) be of the tenor as the authority may determine;
6 (e) be in registered or bearer form either as to principal or interest or both;
7 (f) be payable in those installments and at the times as the authority may determine;
8 (g) be payable at the places, either within or without this state, as the authority may
9 determine;
10 (h) bear interest at the rate or rates, payable at the place or places, and evidenced in the
11 manner, as the authority may determine;
12 (i) be redeemable prior to maturity, with or without premium;
13 (j) contain such other provisions not inconsistent with this chapter as shall be deemed for
14 the best interests of the authority and provided for in the proceedings of the authority under which
15 the bonds shall be authorized to be issued; and
16 (k) bear facsimile signatures and seals.
17 (4) The authority may pay any expenses, premiums or commissions, which it deems
18 necessary or advantageous in connection with the authorization, sale, and issuance of these
19 obligations, from the proceeds of the sale of the obligations or from the revenues of the projects
20 involved.
21 Section 2. Section 63-38c-402 is amended to read:
22 63-38c-402. Debt limitation -- Vote requirement needed to exceed limitation --
23 Exceptions.
24 (1) [The] (a) Except as provided in Subsection (1)(b), the outstanding general obligation
25 debt of the state may not exceed 20% of the maximum allowable appropriations limit unless
26 approved by more than a two-thirds vote of both houses of the Legislature.
27 (b) Notwithstanding the limitation contained in Subsection (1)(a), debt issued under the
28 authority of Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond Authorization
29 and Title 63B, Chapter 6, Part 3, 1997 Highway Bond Anticipation Notes Authorization, is not
30 subject to the debt limitation established by this section.
31 (2) This section does not apply if contractual rights will be impaired.

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1 Section 3. Section 63-49-23 is enacted to read:
2 63-49-23. Transfer of monies -- Debt service.
3 (1) When there are insufficient appropriations or monies available from other legal sources
4 to pay interest on any bond anticipation notes issued under the authority of Title 63B, Chapter 6,
5 Part 3, Highway Bond Anticipation Note Authorization, the Division of Finance shall inform the
6 Department of Transportation of the amount necessary to pay that interest.
7 (2) After receiving notice under Subsection (1), the Department of Transportation shall
8 transfer monies from any available source other than the Transportation Fund to the Division of
9 Finance for deposit into the Debt Service Fund to pay interest on bond anticipation notes issued
10 under the authority of Title 63B, Chapter 6, Part 3, Highway Bond Anticipation Note
11 Authorization.
12 Section 4. Section 63B-6-201 is enacted to read:
13 Part 2. 1997 Highway General Obligation Bond Authorization
14 63B-6-201. State Bonding Commission authorized to issue general obligation bonds.
15 The commission created under Section 63B-1-201 may issue and sell general obligation
16 bonds of the state pledging the full faith, credit, and resources of the state for the payment of the
17 principal of and interest on the bonds, to provide funds to the Department of Transportation.
18 Section 5. Section 63B-6-202 is enacted to read:
19 63B-6-202. Maximum amount -- Projects authorized.
20 (1) S (a) s The total amount of bonds issued under this part may not exceed $600,000,000.
20a S (b) DURING FISCAL YEARS 1997-1998 AND 1998-1999, THE COMMISSION MAY NOT ISSUE MORE
20b THAN $350,000,000 IN TOTAL BONDS UNDER THIS PART. s
21 (2) (a) Proceeds from the issuance of bonds shall be provided to the Department of
22 Transportation to provide funds to pay all or part of the costs of state highway construction
23 projects.
24 (b) These costs may include the cost of acquiring land, interests in land, easements and
25 rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient
26 to the facilities, interest estimated to accrue on these bonds during the period to be covered by
27 construction of the projects plus a period of six months after the end of the construction period,
28 interest estimated to accrue on any bond anticipation notes issued under the authority of Chapter
29 6, Part 3, Highway Bond Anticipation Note Authorization, and all related engineering,
30 architectural, and legal fees.
Text Box

Amend on 3_goldenrod March 5, 1997 31 (3) If, after completion of the projects authorized under Subsection (2)(a) and payment of

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1 the costs of issuing and selling the bonds under Section 63B-6-203, any bond proceeds remain
2 unexpended, the Department of Transportation may use those unexpended proceeds to pay all or
3 part of the costs of construction projects approved by the Transportation Commission.
4 (4) The commission, may, by resolution, make any statement of intent relating to a
5 reimbursement that is necessary or desirable to comply with federal tax law.
6 (5) The Department of Transportation may enter into agreements related to that project
7 before the receipt of proceeds of bonds issued under this chapter.
8 Section 6. Section 63B-6-203 is enacted to read:
9 63B-6-203. Bond proceeds may be used to pay costs of issuance and sale.
10 The proceeds of bonds issued under this chapter shall be used for the purposes described
11 in Section 63B-6-202 and to pay all or part of any cost incident to the issuance and sale of the
12 bonds including, without limitation, printing, registration and transfer costs, legal fees, trustees'
13 fees, financial advisors' fees, and underwriters' discount.
14 Section 7. Section 63B-6-204 is enacted to read:
15 63B-6-204. Manner of issuance -- Amounts, interest, and maturity.
16 (1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a
17 manner determined by the commission by resolution.
18 (2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest
19 rates, including a variable rate, and maturity dates as the commission determines by resolution.
20 (3) A bond issued may not mature later than 20 years after the date of final passage of this
21 chapter.
22 Section 8. Section 63B-6-205 is enacted to read:
23 63B-6-205. Terms and conditions of sale -- Plan of financing -- Signatures --
24 Replacement -- Registration -- Federal rebate.
25 (1) In the issuance of bonds, the commission may determine by resolution:
26 (a) the manner of sale, including public or private sale;
27 (b) the terms and conditions of sale, including price, whether at, below, or above face
28 value;
29 (c) denominations;
30 (d) form;
31 (e) manner of execution;

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1 (f) manner of authentication;
2 (g) place and medium of purchase;
3 (h) redemption terms; and
4 (i) other provisions and details it considers appropriate.
5 (2) The commission may by resolution adopt a plan of financing, which may include terms
6 and conditions of arrangements entered into by the commission on behalf of the state with
7 financial and other institutions for letters of credit, standby letters of credit, reimbursement
8 agreements, and remarketing, indexing, and tender agent agreements to secure the bonds, including
9 payment from any legally available source of fees, charges, or other amounts coming due under
10 the agreements entered into by the commission.
11 (3) (a) Any signature of a public official authorized by resolution of the commission to
12 sign the bonds may be a facsimile signature of that official imprinted, engraved, stamped, or
13 otherwise placed on the bonds.
14 (b) If all signatures of public officials on the bonds are facsimile signatures, provision shall
15 be made for a manual authenticating signature on the bonds by or on behalf of a designated
16 authentication agent.
17 (c) If an official ceases to hold office before delivery of the bonds signed by that official,
18 the signature or facsimile signature of the official is nevertheless valid for all purposes.
19 (d) A facsimile of the state seal may be imprinted, engraved, stamped, or otherwise placed
20 on the bonds.
21 (4) (a) The commission may enact resolutions providing for the replacement of lost,
22 destroyed, or mutilated bonds, or for the exchange of bonds after issuance for bonds of

smaller or
23 larger denominations.
24 (b) Bonds in changed denominations shall:
25 (i) be exchanged for the original bonds in like aggregate principal amounts and in a
26 manner that prevents the duplication of interest; and
27 (ii) bear interest at the same rate, mature on the same date, and be as nearly as practicable
28 in the form of the original bonds.
29 (5) (a) Bonds may be registered as to both principal and interest or may be in a book entry
30 form under which the right to principal and interest may be transferred only through a book entry.
31 (b) The commission may provide for the services and payment for the services of one or

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1 more financial institutions or other entities or persons, or nominees, within or outside the state, for
2 the authentication, registration, transfer, including record, bookkeeping, or book entry functions,
3 exchange, and payment of the bonds.
4 (c) The records of ownership, registration, transfer, and exchange of the bonds, and of
5 persons to whom payment with respect to the obligations is made, are private records as provided
6 in Section 63-2-302, or protected records as provided in Section 63-2-304.
7 (d) The bonds and any evidences of participation interest in the bonds may be issued,
8 executed, authenticated, registered, transferred, exchanged, and otherwise made to comply with
9 Title 15, Chapter 7, Registered Public Obligations Act, or any other act of the Legislature relating
10 to the registration of obligations enacted to meet the requirements of Section 149 of the Internal
11 Revenue Code of 1986, as amended, or any successor to it, and applicable regulations.
12 (6) The commission may:
13 (a) by resolution, provide for payment to the United States of whatever amounts are
14 necessary to comply with Section 148 (f) of the Internal Revenue Code of 1986, as amended; and
15 (b) enter into agreements with financial and other institutions and attorneys to provide for:
16 (i) the calculation, holding, and payment of those amounts; and
17 (ii) payment from any legally available source of fees, charges, or other amounts coming
18 due under any agreements entered into by the commission.
19 Section 9. Section 63B-6-206 is enacted to read:
20 63B-6-206. Constitutional debt limitation.
21 (1) The commission may not issue bonds under this chapter in an amount that violates the
22 limitation described in Utah Constitution Article XIV, Section 1.
23 (2) For purposes of applying the debt limitation contained in Utah Constitution Article
24 XIV, Section 1, the value of the taxable property in Utah is considered to be 100% of the fair
25 market value of the taxable property of the state, as computed from the last assessment for state
26 purposes previous to the issuance of the bonds.
27 Section 10. Section 63B-6-207 is enacted to read:
28 63B-6-207. Tax levy -- Abatement of tax.
29 (1) Each year after issuance of the bonds and until all outstanding bonds are retired, there
30 is levied a direct annual tax on all real and personal property within the state subject to state
31 taxation, sufficient to pay:

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1 (a) applicable bond redemption premiums, if any;
2 (b) interest on the bonds as it becomes due; and
3 (c) principal of the bonds as it becomes due.
4 (2) (a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
5 (b) The tax shall be collected and the proceeds applied as provided in this chapter.
6 (3) The direct annual tax imposed under this section is abated to the extent money is
7 available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond
8 interest, principal, and redemption premiums.
9 Section 11. Section 63B-6-208 is enacted to read:
10 63B-6-208. Creation of sinking fund.
11 (1) There is created a sinking fund, to be administered by the state treasurer, entitled the
12 "1997 Highway General Obligation Bonds Sinking Fund."
13 (2) All monies deposited in the sinking fund, from whatever source, shall be used to pay
14 debt service on the bonds.
15 (3) The proceeds of all taxes levied under this chapter are appropriated to this fund.
16 (4) The state treasurer may create separate accounts within the sinking fund for each series
17 of bonds issued.
18 Section 12. Section 63B-6-209 is enacted to read:
19 63B-6-209. Payment of interest, principal, and redemption premiums.
20 (1) The Division of Finance shall draw warrants on the state treasury before any interest,
21 principal, or redemption premiums become due on the bonds.
22 (2) After receipt of the warrants, the state treasurer shall:
23 (a) promptly pay the warrants from funds within the sinking fund; and
24 (b) immediately transmit the amount paid to the paying agent for the bonds.
25 Section 13. Section 63B-6-210 is enacted to read:
26 63B-6-210. Investment of sinking fund money.
27 (1) The state treasurer may, by following the procedures and requirements of Title 51,
28 Chapter 7, State Money Management Act, invest any money contained in the sinking fund until
29 it is needed for the purposes for which the fund is created.
30 (2) Unless otherwise provided in the resolution of the commission authorizing the issuance
31 of bonds under this chapter, the treasurer shall retain all income from the investment of any money

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1 contained in the sinking fund in the sinking fund and use it for the payment of debt service on the
2 bonds.
3 Section 14. Section 63B-6-211 is enacted to read:
4 63B-6-211. Bond proceeds -- Deposits -- Investment -- Disposition of investment
5 income and unexpended proceeds.
6 (1) (a) Proceeds from the sale of bonds issued under this chapter shall be deposited within
7 one or more accounts as determined by resolution of the commission.
8 (b) The state treasurer shall administer and maintain these accounts unless otherwise
9 provided by the commission by resolution.
10 (c) The commission by resolution may provide for the deposit of these monies with a
11 trustee and the administration, disposition, or investment of these monies by this trustee.
12 (2) (a) The commission by resolution shall provide for the kinds of investments in which
13 the proceeds of bonds issued under this chapter may be invested.
14 (b) Income from the investment of proceeds of bonds issued under this chapter shall be
15 applied as provided by resolution of the commission.
16 (3) Any unexpended bond proceeds issued under this chapter shall be deposited, upon
17 completion of the purposes for which the bonds were issued, in the sinking fund, unless otherwise
18 provided in the resolution of the commission authorizing the issuance of bonds under this chapter.
19 Section 15. Section 63B-6-212 is enacted to read:
20 63B-6-212. Refunding of bonds.
21 (1) The commission may provide for the refunding of any of the bonds in accordance with
22 Title 11, Chapter 27, Utah Refunding Bond Act.
23 (2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state of

Utah is
24 considered the public body and the commission its governing body.
25 Section 16. Section 63B-6-213 is enacted to read:
26 63B-6-213. Certification of satisfaction of conditions precedent -- Conclusiveness.
27 (1) The commission may not issue any bond under this chapter until it finds and certifies
28 that all conditions precedent to issuance of the bonds have been satisfied.
29 (2) A recital on any bond of this finding and certification conclusively establishes the
30 completion and satisfaction of all such conditions.
31 Section 17. Section 63B-6-214 is enacted to read:

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1 63B-6-214. Tax exemption.
2 The bonds issued under this chapter, any interest paid on the bonds, and any income from
3 the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.
4 Section 18. Section 63B-6-215 is enacted to read:
5 63B-6-215. Legal investment status.
6 Bonds issued under this chapter are legal investments for all state trust funds, insurance
7 companies, banks, trust companies, and the State School Fund and may be used as collateral to
8 secure legal obligations.
9 Section 19. Section 63B-6-216 is enacted to read:
10 63B-6-216. Publication of resolution or notice -- Limitation on actions to contest
11 legality.
12 (1) The commission may:
13 (a) publish any resolution it adopts under this chapter once in a newspaper having general
14 circulation in Utah; or
15 (b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled
16 as such, containing the information required by Subsection 11-14-21(3).
17 (2) (a) Any interested person, for 30 days after the date of publication, may contest:
18 (i) the legality of the resolution;
19 (ii) any of the bonds authorized under it; or
20 (iii) any of the provisions made for the security and repayment of the bonds.
21 (b) After 30 days, a person may not contest the legality of the resolution, any of the bonds
22 authorized under it, or any of the provisions made for the security and repayment of the bonds for
23 any cause.
24 Section 20. Section 63B-6-217 is enacted to read:
25 63B-6-217. Report to Legislature.
26 The governor shall report the commission's proceedings to each annual general session of
27 the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.
28 Section 21. Section 63B-6-301 is enacted to read:
29 Part 3. 1997 Highway Bond Anticipation Note Authorization
30 63B-6-301. Definitions.
31 As used in this part:

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1 (1) "Bond anticipation note" means a note issued in anticipation of the receipt of the
2 proceeds of the sale of the bonds authorized under Part 2 of this chapter.
3 (2) "Flexible note" means a bond anticipation note whose interest is payable at, and on one
4 or more dates before, maturity.
5 (3) (a) "Short-term series note" means a bond anticipation note that is one of a series of
6 notes issued pursuant to a financing program under which it is expected that:
7 (i) each note will be paid from the proceeds of one or more renewal notes of that series;
8 and
9 (ii) the final note or notes of the series will be paid from:
10 (A) the proceeds of bonds in anticipation of the receipt of which the note or notes were
11 issued; or
12 (B) moneys of the state on hand and legally available for that purpose.
13 (b) "Short-term series note" includes any note issued pursuant to a revolving credit
14 agreement or other similar liquidity facility for the purpose of renewing or paying outstanding
15 short-term series notes on their stated maturity dates when those short-term series notes are not
16 renewed or paid from the proceeds of one or more other renewal notes of the series.
17 Section 22. Section 63B-6-302 is enacted to read:
18 63B-6-302. Authorization, terms, and procedures.
19 (1) The state treasurer may, by written order, issue bond anticipation notes and renewals
20 of bond anticipation notes, including, but not limited to, flexible notes and short-term series notes,
21 in the form and with the terms that he determines.
22 (2) The state treasurer may:
23 (a) enter into whatever agreements with other persons that he considers necessary or
24 appropriate in connection with the issuance, sale, and resale of the notes; and
25 (b) resell or retire any notes purchased by the state before the stated maturity of those
26 notes.
27 (3) (a) The notes and renewals of the notes shall:
28 (i) bear the interest rate or rates as determined by the state treasurer; and
29 (ii) mature within a period not to exceed three years.
30 (b) The notes and renewals of notes may:
31 (i) bear a variable interest rate; and

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1 (ii) be redeemed prior to maturity by the state treasurer, but only in accordance with the
2 provisions of the notes relating to redemption prior to maturity.
3 (4) The proceeds from the sale of the notes may be used only for:
4 (a) the purposes established in Section 63B-6-202;
5 (b) the payment of principal of and, if not otherwise provided, interest on, bond
6 anticipation notes;
7 (c) the payment of costs of issuance; or
8 (d) any combination of Subsections (4)(a), (b), and (c).
9 (5) (a) All of the notes and any renewals of the notes shall be payable from the proceeds
10 of the sale of bonds.
11 (b) A renewal of any note may not be issued after the sale of bonds in anticipation of
12 which the original note was issued.
13 (6) If a sale of the bonds has not occurred before the maturity of the notes issued in
14 anticipation of the sale, the state treasurer shall, in order to meet the notes then maturing:
15 (a) issue renewal notes for that purpose;
16 (b) pay the notes from state monies legally available for paying those notes; or
17 (c) any combination of Subsections (5)(a) and (b).
18 (7) Each note and any renewal of any note, with the interest on the note or renewal,
19 constitute general obligations of the state.
20 (8) Each note and any renewal of any note, with the interest on the note or renewal, shall
21 be:
22 (a) secured by the full faith, credit, and resources of the state in the manner provided in
23 Part 2 of this chapter;
24 (b) payable from:
25 (i) the proceeds of the sale of the bonds and not from any other borrowing; and
26 (ii) monies of the state on hand and legally available for that purpose; or
27 (iii) any combination of Subsections (8)(b)(i) and (ii); and
28 (c) payable within five years from the date of original issue.
29 (9) The total amount of notes or renewals of notes issued and outstanding at any one time
30 may not exceed the lesser of:
31 (a) the total amount of bonds authorized to be issued but not yet issued; or

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1 (b) $260,000,000.
2 (10) The state treasurer shall, in his annual report to the governor, include a detailed
3 statement of all notes and bonds issued during the year and of his actions in relation to them.
4 Section 23. Section 63B-6-303 is enacted to read:
5 63B-6-303. Purchase and redemption requirements.
6 (1) The notes and renewals of notes may provide the holders of the notes or renewals of
7 notes with the right to require the state or other persons to purchase or redeem the notes or renewal
8 notes before the stated maturity of the notes or renewals.
9 (2) Notwithstanding Subsection (1), the holders of the notes and renewals of notes may
10 not be provided with the right to require the state to repurchase or redeem the notes and renewals
11 of the notes before their stated maturity unless the state has entered into one or more letter of credit
12 agreements or other liquidity facility agreements:
13 (a) for the express purpose of those sales;
14 (b) that require a financially responsible party or parties to the agreement or agreements,
15 other than the state, to purchase or redeem all or any portion of the notes and renewals of notes
16 tendered by the holders of the notes or renewals of notes for repurchase or redemption before the
17 stated maturity of the notes and renewals of notes; and
18 (c) that continue until the right of the holders of the notes and renewals of notes to require
19 repurchase or redemption of the notes and renewals of notes before the stated maturity has ceased.
20 Section 24. Section 63B-6-304 is enacted to read:
21 63B-6-304. General provisions -- Funds and accounts.
22 (1) (a) Sections 63B-6-205, 63B-6-206, 63B-6-213, 63B-6-214, 63B-6-215, and
23 63B-6-216 apply to any notes or renewals of notes issued under this part.
24 (b) (i) For purposes of this part, any action that those sections require or permit the
25 commission to take shall be considered sufficient if taken by the state treasurer.
26 (ii) The treasurer may take action by issuing a written order, or in some other manner that
27 he finds necessary or convenient to accomplish the purposes of this part.
28 (2) The treasurer may:
29 (a) in a written order, establish whatever funds and accounts are necessary or desirable to
30 carry out the purposes of this part; and
31 (b) until the monies are needed for the purpose for which the fund or account was created,

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1 invest the monies held in those funds and accounts by following the procedures and requirements
2 of Title 51, Chapter 7, State Money Management Act.
3 Section 25. Effective date.
4 If approved by two-thirds of all the members elected to each house, this act takes effect
5 upon approval by the governor, or the day following the constitutional time limit of Utah
6 Constitution Article VII, Section 8, without the governor's signature, or in the case of a veto, the
7 date of veto override.




Legislative Review Note
as of 3-3-97 4:33 PM

A limited legal review of this bill raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel

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