63B-31 - 2021 Bonding and Financing Authorizations

Title 63B > 63B-31

Sections (5)

2021 Transportation and Transit General Obligation Bonds

63B-31-101 - General obligation bonds — Maximum amount — Use of proceeds for projects.

63B-31-101(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $264,000,000foracquisitionandconstructionproceeds,plusadditionalamountsasprovidedinSubsection(1)(b).WhentheDepartmentofTransportationcertifiestothecommissiontheamountofbondproceedsneededtoprovidefundingfortheprojectsdescribedinthissection,thecommissionmayissueandsellgeneralobligationbondsinanamountequaltothecertifiedamount,plusadditionalamountsnecessarytopaycostsofissuance,topaycapitalizedinterest,andtofundanyexistingdebtservicereserverequirements,nottoexceed1$5,000,000 per year for 15 years toward repayment of the bonds. 63B-31-101(5) Twenty-nine million dollars of the proceeds of bonds issued under this section shall be provided to the Department of Transportation to pass through to Brigham City to be used for a Forest Street rail bridge project in Brigham City.Payments shall be made from the Rail Transportation Restricted Account created in Section 72-2-131, from the amount designated under Subsection 72-2-131(4)(c), in the amount per year of the principal and interest payments due under the bonds issued under Subsection (5)(a) until those bonds have been repaid in full. 63B-31-101(6) Three million dollars of the proceeds of bonds issued under this section shall be provided to the Department of Transportation to pass through to the city of North Salt Lake for an environmental study for a grade separation at 1100 North in North Salt Lake.Payments shall be made from the Rail Transportation Restricted Account created in Section 72-2-131, from the amount designated under Subsection 72-2-131(4)(b), in the amount per year of the principal and interest payments due under the bonds issued under Subsection (6)(a) until those bonds have been repaid in full. 63B-31-101(7) 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-31-101(8) 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-31-101(9) The Department of Transportation may enter into agreements related to the projects described in Subsection (4) before the receipt of proceeds of bonds issued under this section.

63B-31-102 - Transportation bonds — Maximum amount — Use for transportation projects and related facilities.

63B-31-102(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $20,000,000.WhentheDepartmentofTransportationcertifiestothecommissiontheamountofbondproceedsthatthecommissionneedstoprovidefundingfortheprojectsdescribedinSubsection(2),thecommissionmayissueandsellgeneralobligationbondsinanamountequaltothecertifiedamountpluscostsofissuance.Thecommissionmaynotissuegeneralobligationbondsauthorizedunderthissectioniftheissuanceforgeneralobligationbondswouldresultinthetotalcurrentoutstandinggeneralobligationdebtofthestateexceeding50BondproceedsdescribedunderSubsection(2)(a)shallbeusedtopayforthefollowinglocaltransportationprojects,transportationfacilities,ormultimodaltransportationprojects:constructionandimprovementsto14600SouthinBluffdale;andconstructionofaparkingstructureinSouthJordan.ThecostsunderthisSubsection(2)mayincludethecostsofacquiringland,interestsinland,easementsandrights-of-way,thecostsofimprovingsites,makingallimprovementsnecessary,incidental,orconvenienttothefacilities,andthecostsofinterestestimatedtoaccrueonthesebondsduringtheperiodtobecoveredbyconstructionoftheprojectsplusaperiodofsixmonthsaftertheendoftheconstructionperiod,interestestimatedtoaccrueonanybondanticipationnotesissuedundertheauthorityofthistitle,andallrelatedengineering,architectural,andlegalfees.\ast \ast 63B-31-102(3)\ast \ast Proceedsfrombondsauthorizedbythissectionshallbeallocated,subjecttoSubsection(4)(a),asfollows:upto$12,000,000 to Bluffdale; and up to $8,000,000 to South Jordan. The executive director of the Department of Transportation may allocate bond proceeds under this section together, or for each project separately, when the executive director is satisfied that the planning, engineering, design, and commitment are present to complete the project. 63B-31-102(4) Before the Department of Transportation may provide proceeds to a municipality for a project described in Subsection (2)(b), the municipality shall provide a detailed cost estimate of costs to complete the planning and design of the project. After receiving a cost estimate described in Subsection (4)(a), the Department of Transportation may provide to a municipality proceeds reasonably necessary to complete the planning and design of the project. After completion of the planning and design of a project, the municipality shall provide to the Department of Transportation a detailed estimate of the costs to construct and complete a project described in Subsection (2)(b). If approved by the executive director of the Department of Transportation, the Department of Transportation may provide funds to a municipality to construct and complete a project described in Subsection (2)(b).

63B-31-103 - Transportation bonds — Maximum amount — Use for State Infrastructure Bank Fund loans.

63B-31-103(1) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $30,000,000.When the Department of Transportation certifies to the commission the amount of bond proceeds that the commission needs to provide funding for the purposes described in Subsection (2), the commission may issue and sell general obligation bonds in an amount equal to the certified amount plus costs of issuance.The commission may not issue general obligation bonds authorized under this section if the issuance for 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-31-103(2) Proceeds from the bonds issued under this section shall be provided to the Department of Transportation to transfer to the State Infrastructure Bank Fund created in Section 72-2-202 to be used to issue loans pursuant to Title 72, Chapter 2, Part 2, State Infrastructure Bank Fund.Any distribution from the State Infrastructure Bank Fund shall be contingent upon a commitment from the borrower that revenue is available to repay the loan from the State Infrastructure Bank Fund which shall be paid in whole or in part from revenue distributions described in Subsection 72-2-121(4)(j).Notwithstanding Subsection 72-2-204(2), a loan or assistance made with proceeds from bonds issued under this section shall bear an interest rate not to exceed .5% above the bond market interest rate available to the state for an issuance under this section.

2021 Revenue Bond Authorizations

63B-31-201 - Revenue bond authorizations — Utah Board of Higher Education.

63B-31-201(1) The Legislature intends that:

the Utah Board of Higher Education, 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 West Village Graduate and Family Student Housing; the University of Utah use student housing rental fees and other auxiliary revenue as the primary revenue sources for repayment of any obligation created under authority of this Subsection (1); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (1) may not exceed $125,800,000 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 West Village Graduate and Family Student Housing, 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-31-201(2) The Legislature intends that:

the Utah Board of Higher Education, 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 Impact - Epicenter building; the University of Utah use donations, student housing rental fees, and other auxiliary revenue as the primary revenue sources for repayment of any obligation created under authority of this Subsection (2); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (2) may not exceed $118,700,000 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 the Impact - Epicenter building, 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-31-201(3) The Legislature intends that:

the Utah Board of Higher Education, on behalf of Utah State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Utah 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 Electric Vehicle and Roadway building; Utah State University use research revenue, donations, and institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (3); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (3) may not exceed $9,200,000 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 Electric Vehicle and Roadway building, 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-31-201(4) The Legislature intends that:

the Utah Board of Higher Education, on behalf of Weber State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Weber 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 Stewart Stadium east bleachers; Weber State University use student fees and institutional funds as the primary revenue sources for repayment of any obligation created under authority of this Subsection (4); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (4) may not exceed $4,000,000 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 Stewart Stadium east bleachers, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request additional state funds for operation and maintenance costs or capital improvements. 63B-31-201(5) The Legislature intends that:

the Utah Board of Higher Education, on behalf of Weber State University, may issue, sell, and deliver revenue bonds or other evidences of indebtedness of Weber 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 Noorda Engineering and Applied Science building; Weber State University use lease payments as the primary revenue sources for repayment of any obligation created under authority of this Subsection (5); the amount of revenue bonds or evidences of indebtedness authorized by this Subsection (5) may not exceed $8,500,000 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 Noorda Engineering and Applied Science building, subject to the requirements of Title 63A, Chapter 5b, Administration of State Facilities; and the university may not request additional state funds for operation and maintenance costs or capital improvements.

63B-31-202 - State Building Ownership Authority obligations for new state liquor stores.

63B-31-202(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 $11,725,700foraSaltLakeCitymarketarealiquorstoreinSugarhouse,togetherwithadditionalamountsnecessarytopaycostsofissuance,paycapitalizedinterest,andfundanyexistingdebtservicereserverequirements;theDepartmentofAlcoholicBeverageServicesusesalesrevenuesastheprimaryrevenuesourceforrepaymentofanyobligationcreatedunderauthorityofthisSubsection(1);theDepartmentofAlcoholicBeverageServicesmayrequestoperationandmaintenancefundingfromsalesrevenues;andtheDepartmentofAlcoholicBeverageServicesuseupto$5,000,000 to repay the State Store Land Acquisition and Building Construction Fund under Section 32B-2-307. 63B-31-202(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 $5,524,000 for a Salt Lake City area market liquor store in east Sandy, 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.