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First Substitute H.B. 260

Senator Michael G. Waddoups proposes the following substitute bill:


             1     
2002 HIGHWAY GENERAL OBLIGATION

             2     
BOND AMENDMENTS

             3     
2003 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: Wayne A. Harper

             6      This act modifies provisions governing 2002 Highway General Obligation Bonds for Salt
             7      Lake County by eliminating certain projects and by eliminating the requirement that
             8      projects be funded in a strict priority order.
             9      This act affects sections of Utah Code Annotated 1953 as follows:
             10      AMENDS:
             11          63B-11-501, as enacted by Chapter 266, Laws of Utah 2002
             12          63B-11-502, as enacted by Chapter 266, Laws of Utah 2002
             13      Be it enacted by the Legislature of the state of Utah:
             14          Section 1. Section 63B-11-501 is amended to read:
             15           63B-11-501. State Bonding Commission authorized to issue general obligation
             16      bonds.
             17          [After the interlocal agreement specified in Subsection 72-2-121 (2)(b) is rescinded,
             18      cancelled, or expires, and upon] Upon receipt of a [formal] written opinion from the Utah
             19      Attorney General that Salt Lake County has entered a binding legal agreement with the state in
             20      which Salt Lake County agrees, [for a minimum of ten years] until all of the principal, interest,
             21      and issuance costs on the bonds have been paid, to annually transfer enough of the 1/4 of 1/4%
             22      of sales tax proceeds earmarked by Section 59-12-502 to the sinking fund created in Section
             23      63B-11-508 to pay the principal, interest, and issuance costs for any general obligation bonds
             24      issued to provide funds for any of the Salt Lake County transportation projects identified in
             25      Section 63B-11-502 , the commission created under Section 63B-1-201 may issue and sell



             26      general obligation bonds of the state pledging the full faith, credit, and resources of the state for
             27      the payment of the principal of and interest on the bonds, to provide funds to the Department of
             28      Transportation.
             29          Section 2. Section 63B-11-502 is amended to read:
             30           63B-11-502. Maximum amount -- Projects authorized.
             31          (1) The total amount of bonds issued under this part may not exceed [$50,000,000]
             32      $78,500,000.
             33          (2) (a) (i) Proceeds from the issuance of bonds shall be provided to the Department of
             34      Transportation to provide funds to pay all or part of the costs of accelerating any of the
             35      following state highway construction or reconstruction projects in Salt Lake County [in the
             36      following order, unless extraordinary circumstances jointly agreed upon by the Department of
             37      Transportation and Salt Lake County require a different order]:
             38          [(i)] (A) I-15: 10600 South to the Utah County line;
             39          [(ii) I-15: Beck Street Overpass;]
             40          [(iii)] (B) Final Environmental Impact Statement for Western Transportation Corridor:
             41      I-80 to Utah County;
             42          [(iv) Redwood Road: 6200 South to I-215;]
             43          [(v)] (C) I-215: [Jordan River to SR-201;] Redwood Road to 4700 South;
             44          [(vi) Redwood Road: 12600 South to Bangerter Highway;]
             45          [(vii)] (D) State Street Reconstruction: [6400] 9000 South to 10600 South; and
             46          [(viii) acquisition of rights-of-way for the Western Transportation Corridor;]
             47          [(ix) 11400 South: I-15 to Redwood Road; and]
             48          [(x) 5600 West Reconstruction: 4500 South to 6200 South.]
             49          (E) except as provided in Subsection (2)(d), State Street Reconstruction: 7800 South to
             50      8000 South.
             51          (ii) If the Department of Transportation is unable to begin or complete a project
             52      authorized by this Subsection (2)(a) because of a court order, the Department of
             53      Transportation, with the approval of Salt Lake County, may expend bond proceeds to construct
             54      one or more projects identified in Subsection (2)(e).
             55          (b) When the Utah Transit Authority certifies to the Transportation Commission that
             56      the Utah Transit Authority will pay half the costs of reconstruction of the Utah Transit


             57      Authority railroad overpass on 8000 South State Street, the Department of Transportation may
             58      provide funds from bond proceeds to pay the other half of the costs of reconstruction of the
             59      Utah Transit Authority railroad overpass on 8000 South.
             60          (c) As used in Subsections (2)(a) and (b), "costs" may include the cost of acquiring
             61      land, interests in land, easements and rights-of-way, improving sites, and making all
             62      improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue
             63      on these bonds during the period to be covered by construction of the projects plus a period of
             64      six months after the end of the construction period, interest estimated to accrue on any bond
             65      anticipation notes issued under the authority of Chapter 11, Part 6, 2002 Highway General
             66      Obligation Bond Anticipation [Note] Notes for Salt Lake County [Authorization], and all
             67      related engineering, architectural, and legal fees.
             68          (d) Bond proceeds may not be expended on the State Street Reconstruction: 7800 to
             69      8000 South project until the Transportation Commission has received the certification required
             70      by Subsection (2)(b) from the Utah Transit Authority.
             71          (e) As the following projects or future projects identified by the Salt Lake County and
             72      the Legislature are prepared and ready for construction by the Department of Transportation, it
             73      is the intent of the Legislature that they will be accelerated and funded from future general
             74      obligation bonds issued in anticipation of receiving debt service funds from Salt Lake County's
             75      1/4 of 1/4 percent sales tax proceeds earmarked by Section 59-12-502 and from other funding
             76      sources available to the Department of Transportation, including monies available from the
             77      Centennial Highway Fund and the Statewide Transportation Improvement Plan: 5600 West
             78      Reconstruction: 4500 South to 7000 South; Redwood Road: 12600 South to Bangerter
             79      Highway; I-15: Beck Street Overpass; I-215: 4700 South to SR-201; acquisition of
             80      rights-of-way for the Western Transportation Corridor; 11400 South: I-15 to Redwood Road;
             81      and State Street Reconstruction 6400 South to 7800 South and 8000 South to 9000 South.
             82          (3) If any portion of the proceeds of the tax paid to the state are not required to pay
             83      principal, interest, and issuance costs of the bonds and the principal, interest, and issuance costs
             84      of the bond have been paid off, or if, after completion of the projects authorized under
             85      Subsection (2)(a) and payment of the costs of issuing and selling the bonds under Section
             86      63B-11-503 , any bond proceeds remain unexpended, the Department of Transportation may
             87      use those unexpended proceeds to pay all or part of the costs of construction projects in Salt


             88      Lake County that have been approved and prioritized by the Transportation Commission.
             89          (4) The commission may, by resolution, or the state treasurer make any statement of
             90      intent relating to a reimbursement that is necessary or desirable to comply with federal tax law.
             91          (5) The Department of Transportation may enter into agreements related to the projects
             92      before the receipt of proceeds of bonds issued under this chapter.


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