8 LONG TITLE
9 General Description:
10 This bill repeals the authorization for the Board of Business and Economic
11 Development and the state treasurer to purchase contracts for the sale of land and
12 repeals a general obligation bond authorization to fund certain contract purchases.
13 Highlighted Provisions:
14 This bill:
15 . repeals provisions authorizing the Board of Business and Economic Development
16 and the state treasurer to purchase contracts for the sale of land;
17 . repeals provisions governing requirements for the purchase of contracts for the sales
18 of land;
19 . repeals a $42,500,000 general obligation bond authorization that:
20 . was to be used by the Governor's Office of Economic Development to provide
21 funds to pay all or part of the cost of purchasing contracts for the sale of land if
22 the purchase promotes a statewide public purpose such as promoting ease of
23 interstate or intrastate travel or advancing economic development; and
24 . has not been issued;
25 . repeals a Master Bond Act provision allowing issuance of general obligation bonds
26 for the purchase of land sale contracts or interests in land sale contracts; and
27 . makes technical and conforming changes.
28 Money Appropriated in this Bill:
30 Other Special Clauses:
32 Utah Code Sections Affected:
34 63B-1a-101 , as last amended by Laws of Utah 2008, Chapter 378
35 63M-1-303 , as last amended by Laws of Utah 2013, Chapter 392
37 63B-17-102 , as enacted by Laws of Utah 2008, Chapter 378
39 Be it enacted by the Legislature of the state of Utah:
40 Section 1. Section 63B-1a-101 is amended to read:
41 63B-1a-101. Definitions -- Bonds authorized -- Prohibitions -- Purposes --
42 Maturity -- Use of bonds proceeds.
43 (1) As used in this section:
44 (a) "Cost" includes:
45 (i) all costs related to the authorized capital project, including the cost of equipment
46 and furnishings for, interests in, or improvements necessary, incidental, or convenient to, those
47 capital projects;
48 (ii) all costs incident to the authorization and issuance of bonds;
49 (iii) interest estimated to accrue on bonds during the period to be covered by the
50 acquisition and construction of the capital project and for up to 12 months after that period; and
51 (iv) other amounts that the commission finds necessary to establish reserve funds and
52 to provide working capital related to the capital project.
53 (b) "Taxable property of the state" includes all real and personal property subject to ad
54 valorem taxation within the state, including all property subject to a fee-in lieu of tax.
55 (2) When authorized by the Legislature, the commission may, in the manner specified
56 in this chapter, issue bonds to provide funds to the state for the purpose of paying all or part of
57 the cost of[
62 (3) Before issuing any bonds, the commission shall determine that the Legislature has:
63 (a) affirmatively authorized the issuance of the bonds; and
64 (b) has specified:
65 (i) for capital projects, the capital projects to be funded; and
66 (ii) the maximum amount of the bonds.
67 (4) The commission shall either:
68 (a) comply with any maturity requirements established by the Legislature; or
69 (b) in the absence of any maturity requirements, establish, by resolution, a bond
70 maturity date or dates that are not later than 15 years after the date of delivery of the bonds.
71 (5) (a) The commission may not issue bonds under this chapter in an amount that
72 violates the limitation described in the Utah Constitution, Article XIV, Section 1 or payable
73 beyond the period described in the Utah Constitution, Article XIII, Section 5(3).
74 (b) For purposes of applying the debt limitation contained in the Utah Constitution
75 Article XIV, Section 1, the value of the taxable property in Utah is considered to be 100% of
76 the fair market value of the taxable property of the state as computed from the last assessment
77 for state purposes made before the issuance of the bonds.
78 Section 2. Section 63M-1-303 is amended to read:
79 63M-1-303. Board duties and powers.
80 (1) The board shall:
81 (a) promote and encourage the economic, commercial, financial, industrial,
82 agricultural, and civic welfare of the state;
83 (b) do all lawful acts for the development, attraction, and retention of businesses,
84 industries, and commerce within the state;
85 (c) promote and encourage the expansion and retention of businesses, industries, and
86 commerce located in the state;
87 (d) support the efforts of local government and regional nonprofit economic
88 development organizations to encourage expansion or retention of businesses, industries, and
89 commerce located in the state;
90 (e) do other acts not specifically enumerated in this chapter, if the acts are for the
91 betterment of the economy of the state;
92 (f) work in conjunction with companies and individuals located or doing business
93 within the state to secure favorable rates, fares, tolls, charges, and classification for
94 transportation of persons or property by:
95 (i) railroad;
96 (ii) motor carrier; or
97 (iii) other common carriers;
98 (g) recommend policies, priorities, and objectives to the office regarding the assistance,
99 retention, or recruitment of business, industries, and commerce in the state;
100 (h) recommend how any money or program administered by the office or its divisions
101 for the assistance, retention, or recruitment of businesses, industries, and commerce in the state
102 shall be administered, so that the money or program is equitably available to all areas of the
103 state unless federal or state law requires or authorizes the geographic location of a recipient of
104 the money or program to be considered in the distribution of the money or administration of the
105 program; and
106 (i) maintain ethical and conflict of interest standards consistent with those imposed on
107 a public officer under Title 67, Chapter 16, Utah Public Officers' and Employees' Ethics Act.
108 (2) The board may:
109 (a) in furtherance of the authority granted under Subsection (1)(f), appear as a party
110 litigant on behalf of individuals or companies located or doing business within the state in
111 proceedings before regulatory commissions of the state, other states, or the federal government
112 having jurisdiction over such matters; and
113 (b) make, amend, or repeal rules for the conduct of its business consistent with this part
114 and in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.
156 Section 3. Repealer.
157 This bill repeals:
158 Section 63B-17-102 , Bonds to purchase land sale contract -- Maximum amount --
159 Purchases authorized.
Legislative Review Note
as of 3-10-14 7:11 PM