17-7-222. Minimum funding for major repair -- restriction of capital developments -- transfer to satisfy minimum as present law base.
235 words·~1 min read·
/mt/title-17/chapter-7/part-2/17-7-222·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17-7-222 . Minimum funding for major repair -- restriction of capital developments -- transfer to satisfy minimum as present law base.
(1)The minimum level of funding for major repair projects is 0.6% of the replacement cost of existing long-range building program-eligible buildings for each fiscal year.
(2)The legislature may not fund the design or construction of any new capital development projects, except to complete the funding of projects for which partial funding has been previously provided, until the legislature has estimated and appropriated the amount referred to in subsection
(1)to fund major repair projects for long-range building program-eligible buildings from the account established in 17-7-221 for each fiscal year.
(3)Sources for funding the amount referred to in subsection
(1)are:
(a)revenue allocations into the account established in 17-7-221 of cigarette tax revenue allocated pursuant to 16-11-119 and coal severance taxes allocated pursuant to 15-35-108 , as projected in the official revenue estimate provided in 5-5-227 ; and
(b)an appropriated transfer into the account from the general fund in the general appropriations act.
(4)The appropriated transfer in subsection (3)(b) to the account established in 17-7-221 to fund major repair projects is part of the present law base for purposes of Title 17, chapter 7, part 1, and must be sufficient to fund the amount referred to in subsection
(1)when added to the account's revenue allocations in subsection (3)(a).