H.B. 460 Capital Development Projects Bonding Amendments
| Bill Sponsor:  Rep. Froerer, Gage | Floor Sponsor:  Sen. Harper, Wayne A. |
- Drafting Attorney: Shannon C. Halverson
- Fiscal Analyst: Brian Wikle
- Bill Text
- Introduced
- Amended
- Enrolled (Currently Displayed)
- Introduced
- Related Documents
- Information
- Last Action: 17 Mar 2017, Governor Signed
- Last Location: Lieutenant Governor's office for filing
- Effective Date: 9 May 2017
- Session Law Chapter: 089
- Sections Affected
Enrolled
Printer FriendlyH.B. 460
1 CAPITAL DEVELOPMENT PROJECTS BONDING
2AMENDMENTS
32017 GENERAL SESSION
4STATE OF UTAH
5Chief Sponsor: Gage Froerer
6Senate Sponsor: Wayne A. Harper
7
8 LONG TITLE
9 General Description:
10 This bill modifies provisions relating to the issuance of bonds for the prison project.
11 Highlighted Provisions:
12 This bill:
13 ▸ increases the authorization for the issuance and extends the maximum maturity date
14 of bonds for the prison project; and
15 ▸ makes technical changes.
16 Money Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 AMENDS:
22 63B-25-101, as enacted by Laws of Utah 2015, Chapter 182
23
24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 63B-25-101 is amended to read:
26 63B-25-101. General obligation bonds for prison project -- Maximum amount --
27 Use of proceeds.
28 (1) As used in this section:
29 (a) "Prison project" means the same as that term is defined in Section 63C-16-102.
30 (b) "Prison project fund" means the capital projects fund created in Subsection
31 63A-5-225(7).
32 (2) The commission may issue general obligation bonds as provided in this section.
33 (3) (a) The total amount of bonds to be issued under this section may not exceed
34 [$470,000,000] $570,000,000, plus additional amounts necessary to pay costs of issuance, to
35 pay capitalized interest, and to fund any debt service reserve requirements, with the total
36 amount of the bonds not to exceed [$474,700,000] $575,700,000.
37 (b) The maturity of bonds issued under this section [shall be seven] may not exceed 10
38 years.
39 (4) The commission shall ensure that proceeds from the issuance of bonds under this
40 section are deposited into the Prison Project Fund for use by the division to pay all or part of
41 the cost of the prison project, including:
42 (a) interest estimated to accrue on the bonds authorized in this section until the
43 completion of construction of the prison project, plus a period of 12 months after the end of
44 construction; and
45 (b) all related engineering, architectural, and legal fees.
46 (5) (a) The division may enter into agreements related to the prison project before the
47 receipt of proceeds of bonds issued under this section.
48 (b) The division shall make those expenditures from unexpended and unencumbered
49 building funds already appropriated to the Prison Project Fund.
50 (c) The division shall reimburse the Prison Project Fund upon receipt of the proceeds
51 of bonds issued under this chapter.
52 (d) The state intends to use proceeds of tax-exempt bonds to reimburse itself for
53 expenditures for costs of the prison project.
54 (6) Before issuing bonds authorized under this section, the commission shall request
55 and consider a recommendation from the Prison Development Commission, created in Section
56 63C-16-201, regarding the timing and amount of the issuance.
2
3
4
5
6
7
8 LONG TITLE
9 General Description:
10 This bill modifies provisions relating to the issuance of bonds for the prison project.
11 Highlighted Provisions:
12 This bill:
13 ▸ increases the authorization for the issuance and extends the maximum maturity date
14 of bonds for the prison project; and
15 ▸ makes technical changes.
16 Money Appropriated in this Bill:
17 None
18 Other Special Clauses:
19 None
20 Utah Code Sections Affected:
21 AMENDS:
22 63B-25-101, as enacted by Laws of Utah 2015, Chapter 182
23
24 Be it enacted by the Legislature of the state of Utah:
25 Section 1. Section 63B-25-101 is amended to read:
26 63B-25-101. General obligation bonds for prison project -- Maximum amount --
27 Use of proceeds.
28 (1) As used in this section:
29 (a) "Prison project" means the same as that term is defined in Section 63C-16-102.
30 (b) "Prison project fund" means the capital projects fund created in Subsection
31 63A-5-225(7).
32 (2) The commission may issue general obligation bonds as provided in this section.
33 (3) (a) The total amount of bonds to be issued under this section may not exceed
34 [
35 pay capitalized interest, and to fund any debt service reserve requirements, with the total
36 amount of the bonds not to exceed [
37 (b) The maturity of bonds issued under this section [
38 years.
39 (4) The commission shall ensure that proceeds from the issuance of bonds under this
40 section are deposited into the Prison Project Fund for use by the division to pay all or part of
41 the cost of the prison project, including:
42 (a) interest estimated to accrue on the bonds authorized in this section until the
43 completion of construction of the prison project, plus a period of 12 months after the end of
44 construction; and
45 (b) all related engineering, architectural, and legal fees.
46 (5) (a) The division may enter into agreements related to the prison project before the
47 receipt of proceeds of bonds issued under this section.
48 (b) The division shall make those expenditures from unexpended and unencumbered
49 building funds already appropriated to the Prison Project Fund.
50 (c) The division shall reimburse the Prison Project Fund upon receipt of the proceeds
51 of bonds issued under this chapter.
52 (d) The state intends to use proceeds of tax-exempt bonds to reimburse itself for
53 expenditures for costs of the prison project.
54 (6) Before issuing bonds authorized under this section, the commission shall request
55 and consider a recommendation from the Prison Development Commission, created in Section
56 63C-16-201, regarding the timing and amount of the issuance.
Bill Status / Votes
• Senate Actions • House Actions • Fiscal Actions • Other Actions
| Date | Action | Location | Vote |
| 3/6/2017 | Bill Numbered but not Distributed | Legislative Research and General Counsel | |
| 3/6/2017 | Numbered Bill Publicly Distributed | Legislative Research and General Counsel | |
| 3/6/2017 | LFA/ bill sent to agencies for fiscal input | Legislative Research and General Counsel | |
| 3/6/2017 | House/ received bill from Legislative Research | Clerk of the House | |
| 3/6/2017 | House/ 1st reading (Introduced) | House Rules Committee | |
| 3/6/2017 | House/ Rules to 3rd Reading Calendar | House 3rd Reading Calendar for House bills | |
| 3/6/2017 | House/ 2nd reading | House 3rd Reading Calendar for House bills | |
| 3/6/2017 (7:32:11 PM) | House/ 3rd reading | House 3rd Reading Calendar for House bills | |
| 3/6/2017 (7:35:48 PM) | House/ passed 3rd reading | Senate Secretary | 58 10 7 |
| 3/6/2017 (7:35:50 PM) | House/ to Senate | Senate Secretary | |
| 3/7/2017 | Senate/ received from House | Waiting for Introduction in the Senate | |
| 3/7/2017 | LFA/ fiscal note sent to sponsor | Waiting for Introduction in the Senate | |
| 3/7/2017 | LFA/ fiscal note publicly available | Waiting for Introduction in the Senate | |
| 3/7/2017 | Senate/ 1st reading (Introduced) | Senate Rules Committee | |
| 3/7/2017 | House/ received fiscal note from Fiscal Analyst | Senate Rules Committee | |
| 3/7/2017 | Senate/ Rules to 2nd Reading Calendar | Senate 2nd Reading Calendar | |
| 3/7/2017 (11:42:04 AM) | Senate/ 2nd & 3rd readings/ suspension | Senate 2nd Reading Calendar | |
| 3/7/2017 (11:43:55 AM) | Senate/ floor amendment # 1 | Senate 2nd Reading Calendar | Voice vote |
| 3/7/2017 (11:48:03 AM) | Senate/ passed 2nd & 3rd readings/ suspension | Clerk of the House | 23 4 2 |
| 3/7/2017 (11:48:04 AM) | Senate/ to House with amendments | Clerk of the House | |
| 3/7/2017 (12:05:56 PM) | House/ received from Senate | Clerk of the House | |
| 3/7/2017 (12:05:57 PM) | House/ placed on Concurrence Calendar | House Concurrence Calendar | |
| 3/8/2017 (9:05:54 AM) | House/ concurs with Senate amendment | Senate President | 58 13 4 |
| 3/8/2017 (9:05:55 AM) | House/ to Senate | Senate President | |
| 3/8/2017 | Senate/ received from House | Senate President | |
| 3/8/2017 | Senate/ signed by President/ returned to House | House Speaker | |
| 3/8/2017 | Senate/ to House | House Speaker | |
| 3/8/2017 | House/ received from Senate | House Speaker | |
| 3/8/2017 | House/ signed by Speaker/ sent for enrolling | Legislative Research and General Counsel / Enrolling | |
| 3/9/2017 | Bill Received from House for Enrolling | Legislative Research and General Counsel / Enrolling | |
| 3/9/2017 | Draft of Enrolled Bill Prepared | Legislative Research and General Counsel / Enrolling | |
| 3/15/2017 | Enrolled Bill Returned to House or Senate | Clerk of the House | |
| 3/15/2017 | House/ enrolled bill to Printing | Clerk of the House | |
| 3/16/2017 | House/ to Governor | Executive Branch - Governor | |
| 3/17/2017 | Governor Signed | Lieutenant Governor's office for filing |