63B-16-102 - Highway bonds -- Maximum amount -- Projects authorized. - Utah Statutes

63B-16-102. Highway bonds -- Maximum amount -- Projects authorized.
(1) (a) The total amount of bonds issued under this section may not exceed$100,000,000.
(b) When the Department of Transportation certifies to the commission the amount ofbond proceeds that it needs to provide funding for the highway construction project described inSubsection (2) for the next fiscal year, the commission may issue and sell general obligationbonds in an amount equal to the certified amount plus costs of issuance.
(2) (a) As used in this Subsection (2), "Mountain View Corridor" means the land area ofSalt Lake County running from Interstate 80 south between SR-154 and SR-111 to 12600 Southand then south and southeasterly to the northern portion of Utah County west of SR-15.
(b) Except as provided in Subsection (3), proceeds from the issuance of bonds shall beprovided to the Department of Transportation to pay for the costs of acquiring rights-of-way andconstructing a highway construction project within the Mountain View Corridor.
(c) The Department of Transportation shall use bond proceeds to pay for the portion ofthe highway construction project described in this Subsection (2) that is located in Salt LakeCounty.
(d) The costs under this Subsection (2) may include the cost of acquiring land, interestsin land, easements and rights-of-way, improving sites, and making all improvements necessary,incidental, or convenient to the facilities, interest estimated to accrue on these bonds during theperiod to be covered by construction of the projects plus a period of six months after the end ofthe construction period, interest estimated to accrue on any bond anticipation notes issued underthe authority of this title, and all related engineering, architectural, and legal fees.
(3) (a) Thirty million dollars of the bond proceeds issued under this section shall beprovided to the Department of Transportation and funds under Subsection 72-2-121(4)(c) shallbe used by the Department of Transportation to pay for or to provide funds to a municipality orcounty to pay for the costs of right-of-way acquisition, construction, reconstruction, renovations,or improvements to highways described in Subsection (3)(b).
(b) Bond proceeds described under Subsection (3)(a) and funds under Subsection72-2-121(4)(c) shall be used to pay the amounts described in this Subsection (3)(b) for thefollowing highways in Salt Lake County:
(i) $6,500,000 to Taylorsville City for:
(A) 6200 South and Redwood Road intersection, interchange, and highwayimprovements; and
(B) an environmental study and preliminary engineering at 5400 South and Interstate215;
(ii) $2,000,000 to West Valley City for 7200 West;
(iii) $4,000,000 to West Jordan City for 7800 South and Airport Road intersection andhighway improvements;
(iv) $6,250,000 to Sandy City for 1300 East, 9000 South to 11400 South, and State Streetto Interstate 15;
(v) $1,500,000 to Riverton City for right-of-way acquisition between Mountain ViewCorridor and Bangerter Highway north of 13400 South;
(vi) $3,500,000 for highway, access, and other improvements for the new commuter railstation in the south end of Salt Lake County;
(vii) $11,000,000 to Draper City for the costs of highway improvements in the Salt Lake

County portion of Draper City;
(viii) $1,000,000 to Murray City for highway improvements between Cottonwood Streetand 4500 South;
(ix) $1,000,000 to Cottonwood Heights for Fort Union Boulevard between 1300 East andHighland Drive;
(x) $1,000,000 to Midvale City for State Street between 7200 South and 9000 South; and
(xi) $250,000 to Salt Lake County for 2300 East.
(c) Prior to a municipality or county receiving funds described in this Subsection (3), themunicipality or county shall sign and file a written certification with the department certifyingthat it will use the funds provided under this Subsection (3) solely for the projects described inSubsection (3)(b).
(4) The commission or the state treasurer may make any statement of intent relating to areimbursement that is necessary or desirable to comply with federal tax law.
(5) The Department of Transportation may enter into agreements related to the projectbefore the receipt of proceeds of bonds issued under this chapter.

Amended by Chapter 275, 2009 General Session