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This document includes Senate 2nd Reading Floor Amendments incorporated into the bill on Fri, Feb 27, 2004 at 12:12 PM by smaeser. --> This document includes House Floor Amendments incorporated into the bill on Fri, Feb 27, 2004 at 3:58 PM by chopkin. --> This document includes House Receded from Amendments incorporated into the bill on Tue, Mar 2, 2004 at 9:21 AM by kholt. --> This document includes House Receded from Amendments incorporated into the bill on Tue, Mar 2, 2004 at 9:25 AM by kholt. --> 1
7 LONG TITLE
8 General Description:
9 This bill authorizes the issuance of general obligation bonds to fund transportation
11 Highlighted Provisions:
12 This bill:
13 . modifies the Bonding Title by authorizing the issuance and sale of general
14 obligation bonds by the State Bonding Commission for transportation projects;
15 . excludes those bonds from the statutory debt limit; and
16 . makes technical corrections.
17 Monies Appropriated in this Bill:
19 Other Special Clauses:
21 Utah Code Sections Affected:
23 63-38c-402, as last amended by Chapter 266, Laws of Utah 2002
24 63B-1-306, as renumbered and amended by Chapter 86, Laws of Utah 2003
26 63B-13-102, Utah Code Annotated 1953
29 Section 1. Section 63-38c-402 is amended to read:
30 63-38c-402. Debt limitation -- Vote requirement needed to exceed limitation --
32 (1) (a) Except as provided in Subsection (1)(b), the outstanding general obligation debt
33 of the state may not exceed 20% of the maximum allowable appropriations limit unless
34 approved by more than a two-thirds vote of both houses of the Legislature.
35 (b) Notwithstanding the limitation contained in Subsection (1)(a), debt issued under the
36 authority of the following parts or sections is not subject to the debt limitation established by
37 this section:
38 (i) Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond
40 (ii) Title 63B, Chapter 6, Part 3, 1997 Highway Bond Anticipation Note Authorization;
41 (iii) Title 63B, Chapter 7, Part 2, 1998 Highway General Obligation Bond
43 (iv) Title 63B, Chapter 7, Part 3, 1998 Highway Bond Anticipation Note
45 (v) Title 63B, Chapter 8, Part 2, 1999 Highway General Obligation Bond
47 (vi) Title 63B, Chapter 8, Part 3, 1999 Highway Bond Anticipation Note
49 (vii) Title 63B, Chapter 9, Part 2, 2000 Highway General Obligation Bond;
50 (viii) Title 63B, Chapter 10, Part 1, 2001 Highway General Obligation Bond;
51 (ix) Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond
52 Anticipation Notes;
53 (x) Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bond for Salt
54 Lake County; [
55 (xi) Title 63B, Chapter 11, Part 6, 2002 Highway General Obligation Bond
56 Anticipation Notes for Salt Lake County Authorization[
57 (xii) Section 63B-13-102.
58 (2) This section does not apply if contractual rights will be impaired.
60 63B-1-306. Obligations issued by authority -- Limitation of liability on
61 obligations -- Limitation on amount of obligations issued.
62 (1) (a) All obligations issued by the authority under this part shall be limited
63 obligations of the authority and may not constitute, nor give rise to, a general obligation or
64 liability of, nor a charge against the general credit or taxing power of, this state or any of its
65 political subdivisions.
66 (b) This limitation shall be plainly stated upon all obligations.
67 (2) (a) No authority obligations incurred under this section may be issued in an amount
68 exceeding the difference between the total indebtedness of the state and an amount equal to
69 1-1/2% of the value of the taxable property of the state.
70 (b) Debt issued under authority of the following parts or sections may not be included
71 as part of the total indebtedness of the state of Utah in determining the debt limit established by
72 this Subsection (2):
73 (i) Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond
75 (ii) Title 63B, Chapter 6, Part 3, 1997 Highway Bond Anticipation Note Authorization;
76 (iii) Title 63B, Chapter 7, Part 2, 1998 Highway General Obligation Bond
78 (iv) Title 63B, Chapter 7, Part 3, 1998 Highway Bond Anticipation Note
80 (v) Title 63B, Chapter 8, Part 2, 1999 Highway General Obligation Bond
82 (vi) Title 63B, Chapter 8, Part 3, 1999 Highway Bond Anticipation Note
84 (vii) Title 63B, Chapter 9, Part 2, 2000 Highway General Obligation Bond;
85 (viii) Title 63B, Chapter 10, Part 1, 2001 Highway General Obligation Bonds; [
86 (ix) Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond
87 Anticipation Notes;
88 (x) Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bonds for Salt
89 Lake County; [
91 Anticipation Notes for Salt Lake County[
92 (xii) Section 63B-13-102 .
93 (c) Debt issued under authority of Section 63B-7-503 may not be included as part of
94 the total indebtedness of the state in determining the debt limit established by this Subsection
96 (3) The obligations shall be authorized by resolution of the authority, following
97 approval of the Legislature, and may:
98 (a) be executed and delivered at any time, and from time to time, as the authority may
100 (b) be sold at public or private sale in the manner and at the prices, either at, in excess
101 of, or below their face value and at the times that the authority determines;
102 (c) be in the form and denominations that the authority determines;
103 (d) be of the tenor that the authority determines;
104 (e) be in registered or bearer form either as to principal or interest or both;
105 (f) be payable in those installments and at the times that the authority determines;
106 (g) be payable at the places, either within or without this state, that the authority
108 (h) bear interest at the rate or rates, payable at the place or places, and evidenced in the
109 manner, that the authority determines;
110 (i) be redeemable before maturity, with or without premium;
111 (j) contain any other provisions not inconsistent with this part that are considered to be
112 for the best interests of the authority and provided for in the proceedings of the authority under
113 which the bonds are authorized to be issued; and
114 (k) bear facsimile signatures and seals.
115 (4) The authority may pay any expenses, premiums, or commissions, that it considers
116 necessary or advantageous in connection with the authorization, sale, and issuance of these
117 obligations, from the proceeds of the sale of the obligations or from the revenues of the projects
119 Section 3. Section 63B-13-102 is enacted to read:
120 63B-13-102. Highway bonds -- Maximum amount -- Projects authorized.
121a S H H
122 (2) (a) Proceeds from the issuance of bonds shall be provided to the Department of
123 Transportation to provide funds to pay all or part of the costs of state highway construction or
124 reconstruction projects.
125 (b) These costs may include the cost of acquiring land, interests in land, easements and
126 rights-of-way, improving sites, and making all improvements necessary, incidental, or
127 convenient to the facilities, interest estimated to accrue on these bonds during the period to be
128 covered by construction of the projects plus a period of six months after the end of the
129 construction period, interest estimated to accrue on any bond anticipation notes issued under
130 the authority of this title, and all related engineering, architectural, and legal fees.
131 (3) The commission or the state treasurer may make any statement of intent relating to
132 a reimbursement that is necessary or desirable to comply with federal tax law.
133 (4) The Department of Transportation may enter into agreements related to projects
134 before the receipt of proceeds of bonds issued under this chapter.
Legislative Review Note
as of 2-26-04 1:18 PM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.