Utah § 72-2-121.3 Special revenue fund -- 2010 Salt Lake County Revenue Bond Sinking Fund.

Utah Statutes

§ 72-2-121.3 — Special revenue fund -- 2010 Salt Lake County Revenue Bond Sinking Fund.

Utah § 72-2-121.3

Title 72Transportation Code

Ch. 72-2Transportation Finances Act

Part 72-2-1Transportation Fund and Highway Finances

This text of Utah § 72-2-121.3 (Special revenue fund -- 2010 Salt Lake County Revenue Bond Sinking Fund.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 72-2-121.3 (2026).

Text

(1)There is created a special revenue fund within the County of the First Class Highway Projects Fund entitled "2010 Salt Lake County Revenue Bond Sinking Fund."

(2)The fund consists of:

(2)(a) money transferred into the fund from the County of the First Class Highway Projects Fund in accordance with Subsection 72-2-121(4)(d); and

(2)(b) for a fiscal year beginning on or after July 1, 2013, money transferred into the fund from the Transportation Investment Fund of 2005 in accordance with Subsection 72-2-124(4)(a)(v).

(3)(3)(a) The fund shall earn interest.

(3)(b) All interest earned on fund money shall be deposited into the fund.

(4)(4)(a) The director of the Division of Finance may use fund money only as provided in this section.

(4)(b) The director of the Division of Finance may not

Free access — add to your briefcase to read the full text and ask questions with AI

(1) There is created a special revenue fund within the County of the First Class Highway Projects Fund entitled "2010 Salt Lake County Revenue Bond Sinking Fund."
(2) The fund consists of:
(2)(a) money transferred into the fund from the County of the First Class Highway Projects Fund in accordance with Subsection 72-2-121(4)(d); and
(2)(b) for a fiscal year beginning on or after July 1, 2013, money transferred into the fund from the Transportation Investment Fund of 2005 in accordance with Subsection 72-2-124(4)(a)(v).
(3) (3)(a) The fund shall earn interest.
(3)(b) All interest earned on fund money shall be deposited into the fund.
(4) (4)(a) The director of the Division of Finance may use fund money only as provided in this section.
(4)(b) The director of the Division of Finance may not distribute any money from the fund under this section until the director has received a formal opinion from the attorney general that Salt Lake County has entered into a binding agreement with the state of Utah containing all of the terms required by Section 72-2-121.4.
(4)(c) Except as provided in Subsection (4)(b), and until the bonds issued by Salt Lake County as provided in the interlocal agreement required by Section 72-2-121.4 are paid off, on July 1 of each year beginning July 1, 2011, the director of the Division of Finance shall transfer from the County of the First Class Highway Projects Fund and the Transportation Investment Fund of 2005 to the 2010 Salt Lake County Revenue Bond Sinking Fund the amount certified by Salt Lake County that is necessary to pay:
(4)(c)(i) up to two times the debt service requirement necessary to pay debt service on the revenue bonds issued by Salt Lake County for that fiscal year; and
(4)(c)(ii) any additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.
(4)(d) Except as provided in Subsection (4)(b), and until the bonds issued by Salt Lake County as provided in the interlocal agreement required by Section 72-2-121.4 are paid off, the director of the Division of Finance shall, upon request from Salt Lake County, transfer to Salt Lake County or its designee from the 2010 Salt Lake County Revenue Bond Sinking Fund the amount certified by Salt Lake County as necessary to pay:
(4)(d)(i) the debt service on the revenue bonds issued by Salt Lake County as provided in the interlocal agreement required by Section 72-2-121.4; and
(4)(d)(ii) any additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements.
(5) Any money remaining in the 2010 Salt Lake County Revenue Bond Sinking Fund at the end of the fiscal year lapses to the County of the First Class Highway Projects Fund.