63B-13-102. Highway bonds -- Maximum amount -- Projects authorized.
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63B-13-102. Highway bonds -- Maximum amount -- Projects authorized.
(1)The total amount of bonds issued under this part may not exceed $50,000,000.
(a)Proceeds from the issuance of bonds shall be provided to the Department of Transportation to provide funds to pay all or part of the costs of state highway construction or reconstruction projects.
(b)These costs may include the cost of acquiring land, interests in 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 the period to be covered by construction of the projects plus a period of six months after the end of the construction period, interest estimated to accrue on any bond anticipation notes issued under the 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 a reimbursement that is necessary or desirable to comply with federal tax law.
(4)The Department of Transportation may enter into agreements related to projects before the receipt of proceeds of bonds issued under this chapter.
Enacted by Chapter 308 , 2004 General Session