72-2-118 - Centennial Highway Fund Restricted Account. - Utah Statutes

72-2-118. Centennial Highway Fund Restricted Account.
(1) There is created a restricted account entitled the Centennial Highway Fund RestrictedAccount within the Transportation Investment Fund of 2005 created by Section 72-2-124.
(2) The account consists of money generated from the following revenue sources:
(a) any voluntary contributions received for the construction, major reconstruction, ormajor renovation of state or federal highways;
(b) appropriations made to the fund by the Legislature;
(c) registration fees designated under Subsection 41-1a-1201(5)(a); and
(d) the sales and use tax amounts provided for in Section 59-12-103.
(3) (a) The account shall earn interest.
(b) All interest earned on account money shall be deposited into the account.
(4) The executive director may use account money, as prioritized by the TransportationCommission, only to pay the costs of construction, major reconstruction, or major renovation tostate and federal highways.
(5) When the highway general obligation bonds have been paid off and the highwayprojects completed that are intended to be paid from revenues deposited in the account asdetermined by the Executive Appropriations Committee under Subsection (6)(d), the Division ofFinance shall transfer any existing balance in the account into the Transportation InvestmentFund of 2005 created by Section 72-2-124.
(6) (a) The Division of Finance shall monitor the highway general obligation bonds thatare being paid from revenues deposited in the account.
(b) The department shall monitor the highway construction, major reconstruction, ormajor renovation projects that are being paid from revenues deposited in the account.
(c) Upon request by the Executive Appropriations Committee of the Legislature:
(i) the Division of Finance shall report to the committee the status of all highway generalobligation bonds that are being paid from revenues deposited in the account; and
(ii) the department shall report to the committee the status of all highway construction,major reconstruction, or major renovation projects that are being paid from revenues deposited inthe account.
(d) The Executive Appropriations Committee of the Legislature shall notify the State TaxCommission, the department, and the Division of Finance when:
(i) all highway general obligation bonds that are intended to be paid from revenuesdeposited in the account have been paid off; and
(ii) all highway projects that are intended to be paid from revenues deposited in theaccount have been completed.
(7) (a) The Division of Finance shall, from funds that are deposited into the CentennialHighway Fund Restricted Account, transfer into the Transportation Investment Fund of 2005created by Section 72-2-124 the amount of funds certified by the Transportation Commission inaccordance with Subsection (7)(b) that are not required to pay:
(i) principal, interest, and issuance costs of bonds issued for projects in the CentennialHighway Program in the current fiscal year; or
(ii) construction or reconstruction costs for projects in the Centennial Highway Programin the current fiscal year.
(b) The Division of Finance shall transfer the amount under Subsection (7)(a) when theDivision of Finance receives a written letter from the Transportation Commission certifying the

amount of funds available under Subsection (7)(a).

Amended by Chapter 391, 2010 General Session