63B-18-402 - Highway bonds -- Maximum amount -- Projects authorized. - Utah Statutes

63B-18-402. Highway bonds -- Maximum amount -- Projects authorized.
(1) (a) The total amount of bonds issued under this section may not exceed $39,895,000.
(b) When the Department of Transportation certifies to the commission the amount ofbond proceeds that it needs to provide funding for the highway construction projects described inSubsection (2), the commission may issue and sell general obligation bonds in an amount equalto the certified amount plus costs of issuance.
(2) (a) Proceeds from the bonds issued under this section shall be provided to theDepartment of Transportation and funds under Subsection 72-2-121(4)(d) shall be used by theDepartment of Transportation to pay for or to provide funds to a municipality or county to payfor the costs of right-of-way acquisition, construction, reconstruction, renovations, orimprovements to highways described in Subsection (2)(b).
(b) Bond proceeds described under Subsection (2)(a) and funds under Subsection72-2-121(4)(d) shall be used to pay the amounts described in this Subsection (2)(b) for thefollowing highway projects in Salt Lake County:
(i) $15,000,000 to pay for projects in the following priority order:
(A) interchange improvements at 5400 South and Bangerter Highway;
(B) interchange improvements at 4700 South and Bangerter Highway;
(C) reversible lanes on 5400 South from Bangerter Highway going east, terminating ateither Redwood Road or Interstate 15; and
(D) any remaining proceeds from the amount described in Subsection (2)(b)(i) notrequired for the projects described in Subsections (2)(b)(i)(A), (B), and (C), to pay forintersection and congestion mitigation projects identified by the Department of Transportation inthe east-west transportation route improvement study;
(ii) $20,000,000 to Salt Lake City for the viaduct on North Temple and 400 West; and
(iii) $4,500,000 to Sandy City for the widening and improvement of 1300 East between9800 South to 11000 South.
(c) Prior to a municipality or county receiving funds described in this Subsection (2), themunicipality or county shall sign and file a written certification with the Department ofTransportation certifying that it will use the funds provided under this Subsection (2) solely forthe projects described in Subsection (2)(b).
(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) 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.
(4) The Department of Transportation may enter into agreements related to the projectbefore the receipt of proceeds of bonds issued under this chapter.

Enacted by Chapter 275, 2009 General Session