! The Capitol Complex is open to the public with some limitations. All meetings are still available virtually online. Please visit the Capitol Information page for details.

Download Zipped Enrolled WordPerfect SB0004.ZIP
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]

S.B. 4 Enrolled

             1     

GENERAL OBLIGATION BOND

             2     
AUTHORIZATION

             3     
2008 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: Scott K. Jenkins

             6     
House Sponsor: Kevin S. Garn

             7     
             8      LONG TITLE
             9      General Description:
             10          This bill authorizes the issuance of general obligation bonds for certain capital
             11      facilities and repeals obsolete authorizations.
             12      Highlighted Provisions:
             13          This bill:
             14          .    modifies the bonding code by authorizing the issuance and sale of general obligation
             15      bonds by the State Bonding Commission for capital facilities;
             16          .    specifies the use of the general obligation bond proceeds and the manner of issuance;
             17          .    repeals obsolete general obligation bond issuance authorizations; and
             18          .    provides expressions of legislative intent.
             19      Monies Appropriated in this Bill:
             20          None
             21      Other Special Clauses:
             22          None
             23      Utah Code Sections Affected:
             24      AMENDS:
             25          63B-11-502, as last amended by Laws of Utah 2003, Chapter 335
             26      ENACTS:
             27          63B-17-101, Utah Code Annotated 1953
             28      REPEALS:
             29          63B-9-201, as enacted by Laws of Utah 2000, Chapter 354


             30          63B-9-202, as enacted by Laws of Utah 2000, Chapter 354
             31          63B-9-203, as enacted by Laws of Utah 2000, Chapter 354
             32          63B-9-204, as enacted by Laws of Utah 2000, Chapter 354
             33          63B-9-205, as enacted by Laws of Utah 2000, Chapter 354
             34          63B-9-206, as enacted by Laws of Utah 2000, Chapter 354
             35          63B-9-207, as enacted by Laws of Utah 2000, Chapter 354
             36          63B-9-208, as enacted by Laws of Utah 2000, Chapter 354
             37          63B-9-209, as enacted by Laws of Utah 2000, Chapter 354
             38          63B-9-210, as enacted by Laws of Utah 2000, Chapter 354
             39          63B-9-211, as enacted by Laws of Utah 2000, Chapter 354
             40          63B-9-212, as enacted by Laws of Utah 2000, Chapter 354
             41          63B-9-213, as enacted by Laws of Utah 2000, Chapter 354
             42          63B-9-214, as enacted by Laws of Utah 2000, Chapter 354
             43          63B-9-215, as enacted by Laws of Utah 2000, Chapter 354
             44          63B-9-216, as last amended by Laws of Utah 2005, Chapter 105
             45          63B-9-217, as enacted by Laws of Utah 2000, Chapter 354
             46          63B-14-101, as enacted by Laws of Utah 2005, First Special Session, Chapter 7
             47     
             48      Be it enacted by the Legislature of the state of Utah:
             49          Section 1. Section 63B-11-502 is amended to read:
             50           63B-11-502. Maximum amount -- Projects authorized.
             51          (1) The total amount of bonds issued under this part may not exceed [$78,500,000]
             52      $52,101,800.
             53          (2) (a) (i) Proceeds from the issuance of bonds shall be provided to the Department of
             54      Transportation to provide funds to pay all or part of the costs of accelerating any of the
             55      following state highway construction or reconstruction projects in Salt Lake County:
             56          (A) I-15: 10600 South to the Utah County line;
             57          (B) Final Environmental Impact Statement for Western Transportation Corridor: I-80


             58      to Utah County;
             59          (C) I-215: Redwood Road to 4700 South;
             60          (D) State Street Reconstruction: 9000 South to 10600 South; and
             61          (E) except as provided in Subsection (2)(d), State Street Reconstruction: 7800 South to
             62      8000 South.
             63          (ii) If the Department of Transportation is unable to begin or complete a project
             64      authorized by this Subsection (2)(a) because of a court order, the Department of
             65      Transportation, with the approval of Salt Lake County, may expend bond proceeds to construct
             66      one or more projects identified in Subsection (2)(e).
             67          (b) When the Utah Transit Authority certifies to the Transportation Commission that
             68      the Utah Transit Authority will pay half the costs of reconstruction of the Utah Transit
             69      Authority railroad overpass on 8000 South State Street, the Department of Transportation may
             70      provide funds from bond proceeds to pay the other half of the costs of reconstruction of the
             71      Utah Transit Authority railroad overpass on 8000 South.
             72          (c) As used in Subsections (2)(a) and (b), "costs" may include the cost of acquiring
             73      land, interests in land, easements and rights-of-way, improving sites, and making all
             74      improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue
             75      on these bonds during the period to be covered by construction of the projects plus a period of
             76      six months after the end of the construction period, interest estimated to accrue on any bond
             77      anticipation notes issued under the authority of Chapter 11, Part 6, 2002 Highway General
             78      Obligation Bond Anticipation Notes for Salt Lake County, and all related engineering,
             79      architectural, and legal fees.
             80          (d) Bond proceeds may not be expended on the State Street Reconstruction: 7800 to
             81      8000 South project until the Transportation Commission has received the certification required
             82      by Subsection (2)(b) from the Utah Transit Authority.
             83          (e) As the following projects or future projects identified by Salt Lake County and the
             84      Legislature are prepared and ready for construction by the Department of Transportation, it is
             85      the intent of the Legislature that they will be accelerated and funded from future general


             86      obligation bonds issued in anticipation of receiving debt service funds from Salt Lake County's
             87      1/4 of 1/4% sales tax proceeds earmarked by Section 59-12-502 and from other funding sources
             88      available to the Department of Transportation, including monies available from the Centennial
             89      Highway Fund and the Statewide Transportation Improvement Plan: 5600 West
             90      Reconstruction: 4500 South to 7000 South; Redwood Road: 12600 South to Bangerter
             91      Highway; I-15: Beck Street Overpass; I-215: 4700 South to SR-201; acquisition of
             92      rights-of-way for the Western Transportation Corridor; 11400 South: I-15 to Redwood Road;
             93      and State Street Reconstruction 6400 South to 7800 South and 8000 South to 9000 South.
             94          (3) If any portion of the proceeds of the tax paid to the state are not required to pay
             95      principal, interest, and issuance costs of the bonds and the principal, interest, and issuance costs
             96      of the bond have been paid off, or if, after completion of the projects authorized under
             97      Subsection (2)(a) and payment of the costs of issuing and selling the bonds under Section
             98      63B-11-503 , any bond proceeds remain unexpended, the Department of Transportation may use
             99      those unexpended proceeds to pay all or part of the costs of construction projects in Salt Lake
             100      County that have been approved and prioritized by the Transportation Commission.
             101          (4) The commission, by resolution, or the state treasurer may make any statement of
             102      intent relating to a reimbursement that is necessary or desirable to comply with federal tax law.
             103          (5) The Department of Transportation may enter into agreements related to the projects
             104      before the receipt of proceeds of bonds issued under this chapter.
             105          Section 2. Section 63B-17-101 is enacted to read:
             106     
CHAPTER 17. 2008 BONDING AND FINANCING AUTHORIZATIONS

             107     
Part 1. 2008 General Obligation Bond Authorizations

             108          63B-17-101. Capital facilities bonds -- Maximum amount -- Projects authorized.
             109          (1) (a) The total amount of bonds issued under this section may not exceed
             110      $43,750,000.
             111          (b) When Utah State University provides written certification to the commission that
             112      the President of the United States has signed a federal appropriations bill appropriating monies
             113      for the United States Department of Agriculture - Agricultural Research Service's portion of the


             114      Agricultural Science Classroom Building and that those monies are available for expenditure,
             115      the commission may issue and sell general obligation bonds in a total amount not to exceed
             116      71.85% of the amount of unexpended and available federal monies in the federal appropriations
             117      bill or $43,111,000, whichever is less.
             118          (2) (a) Proceeds from the issuance of bonds shall be provided to the division to provide
             119      funds to pay all or part of the cost of acquiring and constructing the projects listed in this
             120      Subsection (2).
             121          (b) These costs may include the cost of acquiring land, interests in land, easements and
             122      rights-of-way, improving sites, and acquiring, constructing, equipping, and furnishing facilities
             123      and all structures, roads, parking facilities, utilities, and improvements necessary, incidental, or
             124      convenient to the facilities, interest estimated to accrue on these bonds during the period to be
             125      covered by construction of the projects plus a period of six months after the end of the
             126      construction period, and all related engineering, architectural, and legal fees.
             127          (c) For the division, proceeds shall be provided for the following:
             128      ----------------------------------------------------------------------------------------------------------------
             129      CAPITAL DEVELOPMENT PROJECTS
             130                          Estimated        
             131                          Operations        Project
             132      Project                and            Amount
             133      Description                Maintenance        Funded
             134      ----------------------------         ----------------- ----------------
             135      USU Agricultural Science
             136      Classroom Building            $493,400        $43,111,000
             137      TOTAL CAPITAL
             138      DEVELOPMENT
             139      PROJECTS                            $43,111,000
             140      ----------------------------------------------------------------------------------------------------------------
             141      ---


             142      TOTAL GENERAL OBLIGATION BOND AUTHORIZATION
             143      FOR CAPITAL DEVELOPMENT PROJECTS                $43,111,000
             144      ----------------------------------------------------------------------------------------------------------------
             145      ---
             146          (d) For purposes of this section, operations and maintenance costs:
             147          (i) are estimates only;
             148          (ii) may include any operations and maintenance costs already funded in existing agency
             149      budgets; and
             150          (iii) are not commitments by this Legislature or future Legislatures to fund those
             151      operations and maintenance costs.
             152          (3) (a) The amounts funded as listed in Subsection (2) are estimates only and do not
             153      constitute a limitation on the amount that may be expended for any project.
             154          (b) The board may revise these estimates and redistribute the amount estimated for a
             155      project among the projects authorized.
             156          (c) The commission, by resolution and in consultation with the board, may delete one or
             157      more projects from this list if the inclusion of that project or those projects in the list could be
             158      construed to violate state law or federal law or regulation.
             159          (4) (a) The division may enter into agreements related to these projects before the
             160      receipt of proceeds of bonds issued under this chapter.
             161          (b) The division shall make those expenditures from unexpended and unencumbered
             162      building funds already appropriated to the Capital Projects Fund.
             163          (c) The division shall reimburse the Capital Projects Fund upon receipt of the proceeds
             164      of bonds issued under this chapter.
             165          (d) The state intends to use proceeds of tax-exempt bonds to reimburse itself for
             166      expenditures for costs of the projects listed in Subsection (2)(c).
             167          (5) It is the intent of the Legislature that the funding authorized for projects in
             168      Subsection (2) does not include funds for public art.
             169          Section 3. Repealer.


             170          This bill repeals:
             171          Section 63B-9-201, State Bonding Commission authorized to issue general
             172      obligation bonds.
             173          Section 63B-9-202, Maximum amount -- Projects authorized.
             174          Section 63B-9-203, Bond proceeds may be used to pay costs of issuance and sale.
             175          Section 63B-9-204, Manner of issuance -- Amounts, interest, and maturity.
             176          Section 63B-9-205, Terms and conditions of sale -- Plan of financing -- Signatures
             177      -- Replacement -- Registration -- Federal rebate.
             178          Section 63B-9-206, Constitutional debt limitation.
             179          Section 63B-9-207, Tax levy -- Abatement of tax.
             180          Section 63B-9-208, Creation of sinking fund.
             181          Section 63B-9-209, Payment of interest, principal, and redemption premiums.
             182          Section 63B-9-210, Investment of sinking fund money.
             183          Section 63B-9-211, Bond proceeds -- Deposits -- Investment -- Disposition of
             184      investment income and unexpended proceeds.
             185          Section 63B-9-212, Refunding of bonds.
             186          Section 63B-9-213, Certification of satisfaction of conditions precedent --
             187      Conclusiveness.
             188          Section 63B-9-214, Tax exemption.
             189          Section 63B-9-215, Legal investment status.
             190          Section 63B-9-216, Publication of resolution or notice -- Limitation on actions to
             191      contest legality.
             192          Section 63B-9-217, Report to Legislature.
             193          Section 63B-14-101, Capital facilities bonds -- Maximum amount -- Projects
             194      authorized.


[Bill Documents][Bills Directory]