63B-27 - 2017 Bonding and Financing Authorizations
Title 63B > 63B-27
Sections (6)
2017 Highway General Obligation Bonds
63B-27-101 - Highway bonds — Maximum amount — Use of proceeds for highway projects.
63B-27-101(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed 1,010,000,000 . When the Department of Transportation certifies to the commission that the requirements of Subsection 72-2-124(7) have been met and certifies the amount of bond proceeds that the commission needs to provide funding for the projects described in Subsection (2) for the current or next fiscal year, the commission may issue and sell general obligation bonds in an amount equal to the certified amount, plus additional amounts necessary to pay costs of issuance , to pay capitalized interest, and to fund any existing debt service reserve requirements, not to exceed 1% of the certified amount . The commission may not issue general obligation bonds authorized under this section if the issuance of the general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. 63B-27-101(2) Except as provided in Subsections (3) and (4), proceeds from the issuance of bonds shall be provided to the Department of Transportation to pay all or part of the costs of the following state highway construction or reconstruction projects:
state and federal highways prioritized by the Transportation Commission through the prioritization process for new transportation capacity projects adopted under Section 72-1-304, giving priority consideration for projects with a regional significance or that support economic development within the state, including: projects that are prioritized but exceed available cash flow beyond the normal programming horizon; or projects prioritized in the state highway construction program; and 14,000,000 to the military installation development authority created in Section 63H-1-201; 7,000,000 to Midvale City for a parking structure in proximity to an intermodal transportation facility that enhances economic development within the city. When the loan described in Subsection (3)(a)(i) is transferred in accordance with Section 72-2-202, the bond proceeds for the loan shall be provided to the military development infrastructure revolving loan fund created in Section 63A-3-402. When the funds described in Subsection (3)(a)(ii) are transferred in accordance with Subsection 72-2-202(8), the funds shall be provided to the inland port infrastructure revolving loan fund created in Section 63A-3-402. 63B-27-101(4) Four million dollars of the bond proceeds issued under this section shall be used for a public transit fixed guideway rail station associated with or adjacent to an institution of higher education. Nineteen million dollars of the bond proceeds issued under this section shall be used by the Department of Transportation for the design, engineering, construction, or reconstruction of underpasses under a state highway connecting a state park and a project area created by a military installation development authority created in Section 63H-1-201. Nine million dollars of the bond proceeds issued under this section shall be used by the Department of Transportation for infrastructure improvements related to the Provo Airport. If project savings are identified by the Department of Transportation from the funds provided to the Department of Transportation as described in this section, the Department of Transportation may use available funding to study, design, engineer, and construct rail access through I-80 in western Salt Lake County. 63B-27-101(5) The bond proceeds issued under this section shall be provided to the Department of Transportation. 63B-27-101(6) The costs under Subsection (2) may include the costs of studies necessary to make transportation infrastructure improvements, the costs of acquiring land, interests in land, and easements and rights-of-way, the costs of improving sites, and making all improvements necessary, incidental, or convenient to the facilities, and the costs of 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. 63B-27-101(7) 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. 63B-27-101(8) The Department of Transportation may enter into agreements related to the projects described in Subsection (2) before the receipt of proceeds of bonds issued under this section.
63B-27-102 - Highway bonds — Maximum amount — Use of proceeds for Salt Lake County highway projects.
63B-27-102(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed 47,470,000 . When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the projects described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount, plus additional amounts necessary to pay costs of issuance , to pay capitalized interest, and to fund any existing debt service reserve requirements, not to exceed one percent of the certified amount . The commission may not issue general obligation bonds authorized under this section if the issuance of the general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. 63B-27-102(2) Proceeds from the bonds issued under this section shall be provided to the Department of Transportation to pay for or to provide funds to a municipality or county to pay for the costs of right-of-way acquisition, construction, reconstruction, renovations, or improvements to highways, transportation facilities, or multimodal transportation projects described in Subsection (2)(b). Bond proceeds described under Subsection (2)(a) shall be used to pay for state and local highway projects or transportation facilities or multimodal transportation projects described in Subsection 72-2-121(4)(c) in Salt Lake County prioritized by the county. The costs under this Subsection (2) may include the costs of acquiring land, interests in land, and easements and rights-of-way, the costs of improving sites, and making all improvements necessary, incidental, or convenient to the facilities, and the costs of 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. 63B-27-102(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. 63B-27-102(4) The Department of Transportation may enter into agreements related to the project before the receipt of proceeds of bonds issued under this chapter.
63B-27-103 - Highway bonds debt limitation.
63B-27-103(1) Notwithstanding Subsection 63B-27-101(1)(c), the commission may issue a general obligation bond authorized under Section 63B-27-101 if the issuance of the general obligation bond would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. 63B-27-103(2) This section supersedes any conflicting provisions of Utah law.
2017 Revenue Bond Authorizations
63B-27-201 - Revenue bond authorizations — State Building Ownership Authority.
63B-27-201(1) The Legislature intends that:
the State Building Ownership Authority, under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations, or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $5,451,800 for a Farmington liquor store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements; the Department of Alcoholic Beverage Services use sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection (1); and the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues. 63B-27-201(2) The Legislature intends that:
the State Building Ownership Authority, under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act, may issue or execute obligations, or may enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $5,451,800 for a southwest Salt Lake County liquor store, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements; the Department of Alcoholic Beverage Services use sales revenues as the primary revenue source for repayment of any obligation created under authority of this Subsection (2); and the Department of Alcoholic Beverage Services may request operation and maintenance funding from sales revenues.
63B-27-202 - Revenue bond authorizations — Board of Regents.
63B-27-202(1) The Legislature intends that:
the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing an expansion of the University Guest House; the University of Utah use room rental, meeting room rental, and the sale of ancillary services as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $8,250,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct the expansion of the University Guest House, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request state funds for operation and maintenance costs or capital improvements. 63B-27-202(2) The Legislature intends that:
the Board of Regents, on behalf of Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing an expansion of the Legend Solar Stadium; Dixie State University use donations and institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (2); the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $4,700,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct an expansion of the Legend Solar Stadium, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request state funds for operation and maintenance costs or capital improvements. 63B-27-202(3) The Legislature intends that:
the Board of Regents, on behalf of the University of Utah, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of the University of Utah to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Medical Education and Discovery Complex and Rehabilitation Hospital; the University of Utah use donations, clinical revenues, and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3); the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) may not exceed $190,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct the Medical Education and Discovery Complex and Rehabilitation Hospital, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may request state funds for operation and maintenance costs and capital improvements. 63B-27-202(4) The Legislature intends that:
the Board of Regents, on behalf of Dixie State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Dixie State University to borrow money on the credit, revenues, and reserves of the university, other than appropriations of the Legislature, to finance the cost of constructing the Human Performance Center; Dixie State University use donations, student fees, and other institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (4); the maximum amount of revenue bonds or evidences of indebtedness authorized by this Subsection (4) may not exceed $16,000,000 for acquisition and construction proceeds, together with other amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements; the university may plan, design, and construct the Human Performance Center, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may request state funds for operation and maintenance costs and capital improvements.
2017 Lease-purchase Authorizations
63B-27-301 - Lease-purchase authorizations.
The Legislature intends that: 63B-27-301(1) the Dixie Applied Technology College, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities, enter into or arrange for a lease-purchase agreement in which participation interests may be created, to provide up to $9,505,300, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any existing debt service reserve requirements, for the planning, design, and construction of the Industrial Building for the Dixie Applied Technology College permanent main campus building with up to 64,000 square feet; and 63B-27-301(2) the college may request state funds for operation and maintenance costs, but not for capital improvements for the leased building during the term of the lease-purchase agreement.