Utah § 63B-34-101 Transportation bonds -- Maximum amount -- Use for transportation projects related to affordable housing initiatives.

Utah Statutes

§ 63B-34-101 — Transportation bonds -- Maximum amount -- Use for transportation projects related to affordable housing initiatives.

Utah·Title 63B Bonds·Ch. 63B-34 2025 Bonding and Financing Authorizations·Part 63B-34-1 2025 General Obligation Bonding Authorizations

(1)(1)(a) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $70,000,000.

(1)(b) 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 costs of issuance.

(1)(c) 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 Utah Constitution, Article XIV, Section 1.

(2)(2)(a) Proceeds from the bonds

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(1) (1)(a) Subject to the restriction in Subsection (1)(c), the total amount of bonds issued under this section may not exceed $70,000,000.
(1)(b) 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 costs of issuance.
(1)(c) 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 Utah Constitution, Article XIV, Section 1.
(2) (2)(a) Proceeds from the bonds issued under this section shall be provided to the Department of Transportation through the Transportation Investment Fund of 2005 created in Section 72-2-124 to pay for or to provide funds to public entities for costs related to affordable housing initiatives as described in Subsection (2)(b).
(2)(b) Bond proceeds described under Subsection (2)(a) shall be used to pay for infrastructure to assist in affordable housing related grants and allocated as described in Title 72, Chapter 2, Part 5, Affordable Housing Infrastructure Grants.
(2)(c) The costs under this Subsection (2) may include the costs of acquiring land, interests in land, easements and rights-of-way, the costs of improving sites, 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.
(3) The executive director of the Department of Transportation may allocate bond proceeds under this section as provided in Title 72, Chapter 2, Part 5, Affordable Housing Infrastructure Grants.

Utah § 63B-34-101 (Transportation bonds -- Maximum amount -- Use for transportation projects related to affordable housing initiatives.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.