63B-7-202. Maximum amount -- Projects authorized.

263 words·~1 min read·/ut/title-63b/chapter-7/63b-7-202

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The total amount of bonds issued under this part may not exceed $240,000,000.

(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 Chapter 7, Part 3, 1998 Highway Bond Anticipation Note Authorization , and all related engineering, architectural, and legal fees.

(3)If, after completion of the projects authorized under Subsection (2)(a) and payment of the costs of issuing and selling the bonds under Section 63B-7-203 , any bond proceeds remain unexpended, the Department of Transportation may use those unexpended proceeds to pay all or part of the costs of construction projects approved and prioritized by the Transportation Commission.

(4)The commission may, by resolution, make any statement of intent relating to a reimbursement that is necessary or desirable to comply with federal tax law.

(5)The Department of Transportation may enter into agreements related to that project before the receipt of proceeds of bonds issued under this chapter.

Amended by Chapter 331 , 1999 General Session