reglab/statecodes huggingface dataset:
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 3 - General Obligation Bond Repayment Arrangements › Section 302 - Payment of interest, principal, and redemption premiums.

63B-1a-302.
Payment of interest, principal, and redemption premiums.
(1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds.
(2) After receipt of the warrants, the state treasurer shall:
(a) promptly pay the warrants from funds within the sinking fund; and
(b) immediately transmit the amount paid to the paying agent for the bonds.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 3 - General Obligation Bond Repayment Arrangements › Section 303 - Tax levy -- Abatement of tax.

63B-1a-303.
Tax levy -- Abatement of tax.
(1) Each year after issuance of bonds and until each outstanding bond is retired, there is levied a direct annual tax on all taxable property of the state sufficient to pay principal, interest, and any applicable redemption premiums on each bond as it becomes due.
(2) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(3) The tax shall be collected and the proceeds applied as provided in this chapter.
(4) The proceeds of all taxes levied under this section are appropriated to the sinking fund established as required by Section 63B-1a-301.
(5) The direct annual tax imposed under this section is abated to the extent that money is available from sources other than ad valorem taxes in the sinking fund for the payment of bond interest, principal, and redemption premiums.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 4 - Miscellaneous Provisions Governing General Obligation Bonds › Section 401 - Status of bond records -- Compliance with Registered Public Obligations Act.

63B-1a-401.
Status of bond records -- Compliance with Registered Public Obligations Act.
(1) The records of ownership, registration, transfer, and exchange of the bonds, and of persons to whom payment with respect to the obligations are made, are private records as provided in Section 63G-2-302 or protected records as provided in Section 63G-2-305.
(2) The bonds and any evidences of participation interest in the bonds may be issued, executed, authenticated, registered, transferred, exchanged, and otherwise made to comply with Title 15, Chapter 7, Registered Public Obligations Act.
Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 4 - Miscellaneous Provisions Governing General Obligation Bonds › Section 402 - Legal investment status.

63B-1a-402.
Legal investment status.
Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 4 - Miscellaneous Provisions Governing General Obligation Bonds › Section 403 - Tax status -- Exemption.

63B-1a-403.
Tax status -- Exemption.
The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds is not taxable in Utah for any purpose, except for the corporate franchise tax.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 5 - Challenges to Legality of Bonds -- Limitations › Section 501 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-1a-501.
Publication of resolution or notice -- Limitation on actions to contest legality.
(1) The commission may either:
(a)
(i) publish once in a newspaper having general circulation in Utah any resolution adopted by the commission; and
(ii) publish, in accordance with Section 45-1-101, any resolution adopted by the commission; or
(b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled as such, containing:
(i) the purpose of the bond issue;
(ii) the type of bonds and the maximum principal amount that may be issued;
(iii) the maximum number of years over which the bonds may mature;
(iv) the maximum interest rate that the bonds may bear, if any;
(v) the maximum discount from par, expressed as a percentage of principal amount, at which the bonds may be sold; and
(vi) that a copy of the resolution or other proceedings may be examined at the office of the state treasurer during regular business hours for at least 30 days after the publication of the notice.
(2) For 30 days after the date of publication, any interested person may contest:
(a) the legality of the resolution;
(b) any of the bonds authorized under it; or
(c) any of the provisions made for the repayment of the bonds.
(3) After 30 days, a person may not, for any cause, contest:
(a) the legality of the resolution;
(b) any of the bonds authorized under the resolution; or
(c) any of the provisions made for the security and repayment of the bonds.
Amended by Chapter 388, 2009 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 6 - Bond Anticipation Notes › Section 601 - Bond anticipation notes -- Authorization, terms, and procedures.

63B-1a-601.
Bond anticipation notes -- Authorization, terms, and procedures.
(1)
(a) The commission may issue bond anticipation notes in the form and with the terms that the commission determines.
(b) Each bond anticipation note and the interest on it are a general obligation of the state.
(2) The commission shall, by resolution:
(a) establish the interest rate or rates, including variable rates, for the bond anticipation notes; and
(b) provide that each bond anticipation note and any interest due on it is payable from:
(i) the proceeds of the sale of bonds;
(ii) money of the state on hand and legally available for that purpose in accordance with the authorized security; or
(iii) any combination of Subsections (2)(b)(i) and (ii).
(3) If the general obligation bonds have not been issued before the maturity of the bond anticipation notes issued in anticipation of the sale of those bonds, the commission shall, in order to meet the bond anticipation notes that are maturing:
(a) issue renewal bond anticipation notes for that purpose;
(b) pay the bond anticipation notes from state money legally available for paying those notes; or
(c) any combination of Subsections (3)(a) and (b).
(4) The commission may, by resolution:
(a) provide that the bond anticipation notes are subject to redemption before maturity;
(b) enter into agreements and make other arrangements, including any or all of those authorized by Subsection 63B-1a-102(2), that the commission considers necessary or appropriate in connection with the issuance, sale, and resale of the bond anticipation notes;
(c) resell or retire any bond anticipation notes purchased by the state before the stated maturity of those bond anticipation notes; and
(d) establish whatever funds and accounts are necessary or desirable to carry out the authorization and issuance of bond anticipation notes.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1a - Master General Obligation Bond Act › Part 7 - Effect on Outstanding Bonds › Section 701 - Prior bonds validated -- Exceptions.

63B-1a-701.
Prior bonds validated -- Exceptions.
All general obligation bonds and bond anticipation notes issued by the commission before February 14, 2003 and all proceedings had in the authorization and issuance of them are:
(1) validated, ratified, and confirmed; and
(2) declared to constitute legally binding obligations in accordance with their terms.
Enacted by Chapter 2, 2003 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 1 - General Provisions › Section 102 - Definitions.

Effective 7/1/2022
63B-1b-102.
Definitions.
As used in this chapter:
(1) "Agency bonds" means any bond, note, contract, or other evidence of indebtedness representing loans or grants made by an authorizing agency.
(2) "Authorized official" means the state treasurer or other person authorized by a bond document to perform the required action.
(3) "Authorizing agency" means the board, person, or unit with legal responsibility for administering and managing revolving loan funds.
(4) "Bond document" means:
(a) a resolution of the commission; or
(b) an indenture or other similar document authorized by the commission that authorizes and secures outstanding revenue bonds from time to time.
(5) "Commission" means the State Bonding Commission, created in Section 63B-1-201.
(6) "Revenue bonds" means any special fund revenue bonds issued under this chapter.
(7) "Revolving Loan Funds" means:
(a) the Water Resources Conservation and Development Fund, created in Section 73-10-24;
(b) the Water Resources Construction Fund, created in Section 73-10-8;
(c) the Water Resources Cities Water Loan Fund, created in Section 73-10-22;
(d) the Clean Fuel Conversion Funds, created in Title 19, Chapter 1, Part 4, Clean Fuels and Emission Reduction Technology Program Act;
(e) the Water Development Security Fund and its subaccounts, created in Section 73-10c-5;
(f) the Agriculture Resource Development Fund, created in Section 4-18-106;
(g) the Utah Rural Rehabilitation Fund, created in Section 4-19-105;
(h) the Permanent Community Impact Fund, created in Section 35A-8-303;
(i) the Petroleum Storage Tank Fund, created in Section 19-6-409; and
(j) the State Infrastructure Bank Fund, created in Section 72-2-202.
Amended by Chapter 100, 2022 General Session
Amended by Chapter 451, 2022 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 1 - General Provisions › Section 103 - Limitation on issuance of bonds -- Legislative approval required.

63B-1b-103.
Limitation on issuance of bonds -- Legislative approval required.
No bonds may be authorized or issued under this chapter without the prior approval of the Legislature.
Enacted by Chapter 251, 2011 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 2 - Officers in State Treasurer's Office › Section 201 - Investment officer -- Powers and duties.

63B-1b-201.
Investment officer -- Powers and duties.
(1) There is created within the Office of the State Treasurer an investment banking officer to advise, counsel, and render technical assistance to authorizing agencies in the management of state loan and grant programs.
(2) This officer shall:
(a) work cooperatively with the staff and boards of authorizing agencies as an advisor on technical financial aspects concerning loan and grant programs authorized by law;
(b) coordinate procedures for the closing of and assist authorizing agencies in closing all loans and grants of funds or other subsidy agreements;
(c) analyze, in conjunction with the appropriate authorizing agency, the financial feasibility and economic and capital efficiency of projects of applicants to authorizing agencies for loans and grants, review financing options, and make recommendations to each authorizing agency regarding terms of loans or grants and levels of state subsidy in accordance with the financial feasibility of the project and the efficiency of available state capital;
(d) coordinate and consolidate, to the extent possible, all financial and legal analysis of financing plans and closings of loans and grants made by each authorizing agency; and
(e) provide an annual report of the officer's activities to the state treasurer, the governor, the Division of Finance, and the boards of each authorizing agency.
(3) The analysis under Subsection (2)(c) shall include consideration of the following criteria:
(a) a demonstration of need based on the applicant's overall financial profile, including overlapping debt, tax levies, user rates, fees, charges, assessments, and other revenue and obligations existing within the community as a whole;
(b) the ability of the applicant to obtain financing from other, preferably private, sources on terms and conditions reasonably affordable;
(c) the availability and advisability of financing methods such as loans, grants, interest buy down arrangements, bond insurance, loan or bond guarantees, or any other appropriate method;
(d) the economic and efficiency of capital advantages enuring to the authorizing agency if the financing plan is adopted;
(e) a demonstration of local public support for the financing plan; and
(f) availability of other funds and financing methods under law.
(4) Each authorizing agency shall consult with and cooperate with the officer and shall consider the officer's recommendations before proceeding to fund a project, but the final decision as to the appropriate financing plan shall rest with the board of the authorizing agency according to their legal authority existing at the time.
Renumbered and Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 2 - Officers in State Treasurer's Office › Section 202 - Custodial officer -- Powers and duties.

Effective 7/1/2022
63B-1b-202.
Custodial officer -- Powers and duties.
(1)
(a) There is created within the Division of Finance an officer responsible for the care, custody, safekeeping, collection, and accounting of all bonds, notes, contracts, trust documents, and other evidences of indebtedness:
(i) owned or administered by the state or any of its agencies; and
(ii) except as provided in Subsection (1)(b), relating to revolving loan funds.
(b) Notwithstanding Subsection (1)(a), the officer described in Subsection (1)(a) is not responsible for the care, custody, safekeeping, collection, and accounting of a bond, note, contract, trust document, or other evidence of indebtedness relating to the:
(i) Agriculture Resource Development Fund, created in Section 4-18-106;
(ii) Utah Rural Rehabilitation Fund, created in Section 4-19-105;
(iii) Petroleum Storage Tank Fund, created in Section 19-6-409;
(iv) Olene Walker Housing Loan Fund, created in Section 35A-8-502;
(v) Brownfields Fund, created in Section 19-8-120; and
(vi) Rural Opportunity Fund, created in Section 63N-4-805.
(2)
(a) Each authorizing agency shall deliver to this officer for the officer's care, custody, safekeeping, collection, and accounting all bonds, notes, contracts, trust documents, and other evidences of indebtedness:
(i) owned or administered by the state or any of its agencies; and
(ii) except as provided in Subsection (1)(b), relating to revolving loan funds.
(b) This officer shall:
(i) establish systems, programs, and facilities for the care, custody, safekeeping, collection, and accounting for the bonds, notes, contracts, trust documents, and other evidences of indebtedness submitted to the officer under this Subsection (2); and
(ii) shall make available updated reports to each authorizing agency as to the status of loans under their authority.
(3) The officer described in Section 63B-1b-201 shall deliver to the officer described in Subsection (1)(a) for the care, custody, safekeeping, collection, and accounting by the officer described in Subsection (1)(a) of all bonds, notes, contracts, trust documents, and other evidences of indebtedness closed as provided in Subsection 63B-1b-201(2)(b).
Amended by Chapter 362, 2022 General Session
Amended by Chapter 451, 2022 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 3 - Transfer or Liquidation of Bonds › Section 301 - State treasurer may sell, assign, or liquidate agency bonds -- Marketing plan required.

63B-1b-301.
State treasurer may sell, assign, or liquidate agency bonds -- Marketing plan required.
(1) One or more authorizing agencies may from time to time request the state treasurer to sell, assign, or liquidate agency bonds on behalf of the authorizing agencies as provided in Section 63B-1b-302.
(2)
(a) Agency bonds shall be sold, assigned, transferred, or liquidated by the state treasurer pursuant to a marketing plan provided by the state treasurer under Section 63B-1b-302.
(b) The governor or the governor's designee and the appropriate authorizing agency shall approve the marketing plan, in writing.
Renumbered and Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 4 - Issuance of Bonds › Section 401 - Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of money received by authorizing agencies.

63B-1b-401.
Pledge of agency bonds to pay revenue bonds -- Contents of financing agreements -- Use of money received by authorizing agencies.
(1) Subject to the requirements of this chapter, and with the approval of the relevant authorizing agency, the State Bonding Commission may pledge, assign, or otherwise transfer any agency bonds, any money payable on or with respect to them, any legally available money or other security administered by an authorizing agency, or any combination of bonds, money, or other security to provide for the payment of revenue bonds issued under Section 63B-1b-402 and the payment of any amounts due under agreements and contracts described in Subsection 63B-1b-402(9).
(2)
(a) Before issuing revenue bonds under Section 63B-1b-402, the commission shall enter into a financing agreement with the appropriate authorizing agency or agencies.
(b) This agreement shall specify:
(i) any agency bonds, money, or other security to be pledged by the commission to provide for the payment of the revenue bonds;
(ii) the amount to be paid to the order of the authorizing agency or agencies for the agency bonds, money, or other security; and
(iii) other matters that the commission considers necessary or appropriate.
(3) The amounts received by each authorizing agency from the proceeds of the revenue bonds, together with all amounts paid to the authorizing agencies pursuant to Subsection 63B-1b-402(10), shall be applied by the authorizing agency as authorized by the law creating or authorizing the loan or grant program of the authorizing agency.
Amended by Chapter 251, 2011 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 5 - Tax Status › Section 501 - Tax status -- Exemption.

63B-1b-501.
Tax status -- Exemption.
The revenue bonds issued under this chapter, any interest paid on the revenue bonds, and any income from the bonds is not taxable in Utah for any purpose, except for the corporate franchise tax.
Renumbered and Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 6 - Notice Requirements › Section 601 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-1b-601.
Publication of resolution or notice -- Limitation on actions to contest legality.
(1) The commission may either:
(a) publish once in a newspaper having general circulation in Utah any resolution adopted by it; or
(b) in lieu of publishing the entire resolution, publish a notice of revenue bonds to be issued, titled as such, containing:
(i) the purpose of the revenue bond issue;
(ii) the maximum principal amount that may be issued;
(iii) the maximum number of years over which the revenue bonds may mature;
(iv) the maximum interest rate that the revenue bonds may bear, if any;
(v) the maximum discount from par, expressed as a percentage of principal amount, at which the revenue bonds may be sold; and
(vi) a statement that a copy of the resolution or other bond document may be examined at the office of the state treasurer during regular business hours for at least 30 days after the publication of the notice.
(2) For 30 days after the date of publication, any interested person may contest:
(a) the legality of the resolution or other bond document;
(b) any of the revenue bonds authorized under it; or
(c) any of the provisions made for the repayment of the revenue bonds.
(3) After 30 days, a person may not, for any cause, contest:
(a) the legality of the resolution or other bond document;
(b) any of the revenue bonds authorized under the resolution or other bond document; or
(c) any of the provisions made for the security and repayment of the revenue bonds.
Renumbered and Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 1b - State Financing Consolidation Act › Part 7 - Payment of Expenses › Section 701 - Payment of expenses.

63B-1b-701.
Payment of expenses.
(1) All expenses incurred by the state under this chapter may be paid:
(a) in the case of expenses incurred under Section 63B-1b-302, from the proceeds of the liquidation of agency bonds; and
(b) in the case of expenses incurred under Section 63B-1b-402, from the proceeds of sale of revenue bonds.
(2)
(a) Any expenses incurred by the state under this chapter that are not paid from the proceeds of the liquidation of agency bonds or the issuance of state revenue bonds shall be paid from the revolving funds of the authorizing agencies.
(b) These expenses are not a charge to or an appropriation from the General Fund.
Renumbered and Amended by Chapter 382, 2008 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 101 - State Bonding Commission authorized to issue general obligation bonds.

63B-2-101.
State Bonding Commission authorized to issue general obligation bonds.
The commission created under Section 63B-1-201 may issue and sell general obligation bonds of the state pledging the full faith, credit, and resources of the state for the payment of the principal of and interest on the bonds to provide funds to the division.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 103 - Use of bond proceeds for issuance and other costs.

63B-2-103.
Use of bond proceeds for issuance and other costs.
The proceeds of bonds issued under this chapter shall be used for the purposes described in Section 63B-2-102 and to pay all or part of any cost incident to the issuance and sale of the bonds including, without limitation, printing, registration and transfer costs, legal fees, trustees' fees, financial advisors' fees, and underwriters' discount.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 104 - Manner of issuance -- Amounts, interest, and maturity.

63B-2-104.
Manner of issuance -- Amounts, interest, and maturity.
(1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution.
(2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 20 years after the date of final passage of this chapter.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 106 - Constitutional debt limitation.

63B-2-106.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Article XIV, Sec. 1, Utah Constitution.
(2) For purposes of applying the debt limitation contained in Article XIV, Sec. 1, Utah Constitution, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 107 - Tax levy -- Abatement of tax.

63B-2-107.
Tax levy -- Abatement of tax.
(1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay:
(a) applicable bond redemption premiums, if any;
(b) interest on the bonds as it becomes due; and
(c) principal of the bonds as it becomes due.
(2)
(a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(b) The tax shall be collected and the proceeds applied as provided in this chapter.
(3) The direct annual tax imposed under this section is abated to the extent money is available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond interest, principal, and redemption premiums.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 108 - Creation of sinking fund.

63B-2-108.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "1993 General Obligation Bonds Sinking Fund."
(2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds.
(3) The proceeds of all taxes levied under this chapter are appropriated to this fund.
(4) The state treasurer may create separate accounts within the sinking fund for each series of bonds issued.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 109 - Payment of interest, principal, and redemption premiums.

63B-2-109.
Payment of interest, principal, and redemption premiums.
(1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds.
(2) After receipt of the warrants, the state treasurer shall:
(a) promptly pay the warrants from funds within the sinking fund; and
(b) immediately transmit the amount paid to the paying agent for the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 110 - Investment of sinking fund money.

63B-2-110.
Investment of sinking fund money.
(1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is created.
(2) Unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter, the treasurer shall retain all income from the investment of any money contained in the sinking fund in the sinking fund and use it for the payment of debt service on the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 111 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-2-111.
Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.
(1)
(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission.
(b) The state treasurer shall administer and maintain these accounts unless otherwise provided by the commission by resolution.
(c) The commission by resolution may provide for the deposit of the money with a trustee and the administration, disposition, or investment of the money by this trustee.
(2)
(a) The commission by resolution shall provide for the kinds of investments in which the proceeds of bonds issued under this chapter may be invested.
(b) Income from the investment of proceeds of bonds issued under this chapter shall be applied as provided by resolution of the commission.
(3) Any unexpended bond proceeds issued under this chapter shall be deposited, upon completion of the purposes for which the bonds were issued, in the sinking fund, unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter.
Amended by Chapter 342, 2011 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 112 - Refunding of bonds.

63B-2-112.
Refunding of bonds.
(1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act.
(2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state of Utah is considered the public body and the commission its governing body.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 113 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-2-113.
Certification of satisfaction of conditions precedent -- Conclusiveness.
(1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied.
(2) A recital on any bond of this finding and certification conclusively establishes the completion and satisfaction of all conditions precedent.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 114 - Tax exemption.

63B-2-114.
Tax exemption.
The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 115 - Legal investment status.

63B-2-115.
Legal investment status.
Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 116 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-2-116.
Publication of resolution or notice -- Limitation on actions to contest legality.
(1) The commission may:
(a) publish any resolution it adopts under this chapter:
(i) once in a newspaper having general circulation in Utah; and
(ii) as required in Section 45-1-101; or
(b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled as such, containing the information required in Subsection 11-14-316(2).
(2)
(a) Any interested person, for 30 days after the date of publication, may contest:
(i) the legality of the resolution;
(ii) any of the bonds authorized under it; or
(iii) any of the provisions made for the security and repayment of the bonds.
(b) After 30 days, a person may not contest the legality of the resolution, any of the bonds authorized under it, or any of the provisions made for the security and repayment of the bonds for any cause.
Amended by Chapter 388, 2009 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 117 - Report to Legislature.

63B-2-117.
Report to Legislature.
The governor shall report the commission's proceedings to each annual general session of the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 201 - State Bonding Commission authorized to issue general obligation bonds.

63B-2-201.
State Bonding Commission authorized to issue general obligation bonds.
The commission created under Section 63B-1-201 may issue and sell general obligation bonds of the state pledging the full faith, credit, and resources of the state for the payment of the principal of and interest on the bonds, to provide funds to the Department of Transportation.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 202 - Maximum amount -- Projects authorized.

63B-2-202.
Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $12,000,000.
(2)
(a) Proceeds from the issuance of bonds shall be provided to the Department of Transportation as follows:
(i) not more than $9,000,000 to provide funds to pay all or part of the cost of constructing the West Valley Highway;
(ii) not more than $1,000,000 to provide funds to pay all or part of the cost of enhancing and improving the 90th South interchange; and
(iii) not more than $1,000,000 to provide funds to pay all or part of the cost of enhancing and improving the I-15 interchange at South University Avenue in Provo.
(b) These costs may include the cost of acquiring land, interests in land, easements and rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient to the facilities, 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, and all related engineering, architectural, and legal fees.
(3) If, after completion of the projects authorized under Subsection (2)(a) and payment of the costs of issuing and selling the bonds under Section 63B-2-203, any bond proceeds remain unexpended, the Department of Transportation may use those unexpended proceeds to pay all or part of the costs of construction projects approved by the Transportation Commission.
(4) The Department of Transportation may enter into agreements related to that project before the receipt of proceeds of bonds issued under this chapter.
Amended by Chapter 120, 1994 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 203 - Bond proceeds may be used to pay costs of issuance and sale.

63B-2-203.
Bond proceeds may be used to pay costs of issuance and sale.
The proceeds of bonds issued under this chapter shall be used for the purposes described in Section 63B-2-202 and to pay all or part of any cost incident to the issuance and sale of the bonds including, without limitation, printing, registration and transfer costs, legal fees, trustees' fees, financial advisors' fees, and underwriters' discount.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 204 - Manner of issuance -- Amounts, interest, and maturity.

63B-2-204.
Manner of issuance -- Amounts, interest, and maturity.
(1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution.
(2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 20 years after the date of final passage of this chapter.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 206 - Constitutional debt limitation.

63B-2-206.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Article XIV, Sec. 1, Utah Constitution.
(2) For purposes of applying the debt limitation contained in Article XIV, Sec. 1, Utah Constitution, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 207 - Tax levy -- Abatement of tax.

63B-2-207.
Tax levy -- Abatement of tax.
(1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay:
(a) applicable bond redemption premiums, if any;
(b) interest on the bonds as it becomes due; and
(c) principal of the bonds as it becomes due.
(2)
(a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(b) The tax shall be collected and the proceeds applied as provided in this chapter.
(3) The direct annual tax imposed under this section is abated to the extent money is available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond interest, principal, and redemption premiums.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 208 - Creation of sinking fund.

63B-2-208.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "1993 Highway General Obligation Bonds Sinking Fund."
(2) All money deposited in the sinking fund, from whatever source, shall be used to pay debt service on the bonds.
(3) The proceeds of all taxes levied under this chapter are appropriated to this fund.
(4) The state treasurer may create separate accounts within the sinking fund for each series of bonds issued.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 209 - Payment of interest, principal, and redemption premiums.

63B-2-209.
Payment of interest, principal, and redemption premiums.
(1) The Division of Finance shall draw warrants on the state treasury before any interest, principal, or redemption premiums become due on the bonds.
(2) After receipt of the warrants, the state treasurer shall:
(a) promptly pay the warrants from funds within the sinking fund; and
(b) immediately transmit the amount paid to the paying agent for the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 210 - Investment of sinking fund money.

63B-2-210.
Investment of sinking fund money.
(1) The state treasurer may, by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act, invest any money contained in the sinking fund until it is needed for the purposes for which the fund is created.
(2) Unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter, the treasurer shall retain all income from the investment of any money contained in the sinking fund in the sinking fund and use it for the payment of debt service on the bonds.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 211 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-2-211.
Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.
(1)
(a) Proceeds from the sale of bonds issued under this chapter shall be deposited within one or more accounts as determined by resolution of the commission.
(b) The state treasurer shall administer and maintain these accounts unless otherwise provided by the commission by resolution.
(c) The commission by resolution may provide for the deposit of the money with a trustee and the administration, disposition, or investment of the money by this trustee.
(2)
(a) The commission by resolution shall provide for the kinds of investments in which the proceeds of bonds issued under this chapter may be invested.
(b) Income from the investment of proceeds of bonds issued under this chapter shall be applied as provided by resolution of the commission.
(3) Any unexpended bond proceeds issued under this chapter shall be deposited, upon completion of the purposes for which the bonds were issued, in the sinking fund, unless otherwise provided in the resolution of the commission authorizing the issuance of bonds under this chapter.
Amended by Chapter 342, 2011 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 212 - Refunding of bonds.

63B-2-212.
Refunding of bonds.
(1) The commission may provide for the refunding of any of the bonds in accordance with Title 11, Chapter 27, Utah Refunding Bond Act.
(2) For purposes of Title 11, Chapter 27, Utah Refunding Bond Act, the state of Utah is considered the public body and the commission its governing body.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 213 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-2-213.
Certification of satisfaction of conditions precedent -- Conclusiveness.
(1) The commission may not issue any bond under this chapter until it finds and certifies that all conditions precedent to issuance of the bonds have been satisfied.
(2) A recital on any bond of this finding and certification conclusively establishes the completion and satisfaction of all such conditions.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 214 - Tax exemption.

63B-2-214.
Tax exemption.
The bonds issued under this chapter, any interest paid on the bonds, and any income from the bonds are not taxable in this state for any purpose, except for the corporate franchise tax.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 215 - Legal investment status.

63B-2-215.
Legal investment status.
Bonds issued under this chapter are legal investments for all state trust funds, insurance companies, banks, trust companies, and the State School Fund and may be used as collateral to secure legal obligations.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 216 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-2-216.
Publication of resolution or notice -- Limitation on actions to contest legality.
(1) The commission may:
(a) publish any resolution it adopts under this chapter:
(i) once in a newspaper having general circulation in Utah; and
(ii) as required in Section 45-1-101; or
(b) in lieu of publishing the entire resolution, publish a notice of bonds to be issued, titled as such, containing the information required by Subsection 11-14-316(2).
(2)
(a) Any interested person, for 30 days after the date of publication, may contest:
(i) the legality of the resolution;
(ii) any of the bonds authorized under it; or
(iii) any of the provisions made for the security and repayment of the bonds.
(b) After 30 days, a person may not contest the legality of the resolution, any of the bonds authorized under it, or any of the provisions made for the security and repayment of the bonds for any cause.
Amended by Chapter 388, 2009 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 2 - 1993 Bonding › Part 2 - Highway General Obligation Bonds › Section 217 - Report to Legislature.

63B-2-217.
Report to Legislature.
The governor shall report the commission's proceedings to each annual general session of the Legislature in his budget for as long as bonds issued under this chapter remain outstanding.
Enacted by Chapter 304, 1993 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 3 - 1994 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 101 - State Bonding Commission authorized to issue general obligation bonds.

63B-3-101.
State Bonding Commission authorized to issue general obligation bonds.
The commission created under Section 63B-1-201 may issue and sell general obligation bonds of the state pledging the full faith, credit, and resources of the state for the payment of the principal of and interest on the bonds to provide funds to the division.
Enacted by Chapter 300, 1994 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 3 - 1994 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 103 - Use of bond proceeds for issuance and other costs.

63B-3-103.
Use of bond proceeds for issuance and other costs.
The proceeds of bonds issued under this chapter shall be used for the purposes described in Section 63B-3-102 and to pay all or part of any cost incident to the issuance and sale of the bonds including, without limitation, printing, registration and transfer costs, legal fees, trustees' fees, financial advisors' fees, and underwriters' discounts.
Enacted by Chapter 300, 1994 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 3 - 1994 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 104 - Manner of issuance -- Amounts, interest, and maturity.

63B-3-104.
Manner of issuance -- Amounts, interest, and maturity.
(1) Bonds issued under this chapter may be authorized, sold, and issued at times and in a manner determined by the commission by resolution.
(2) Bonds may be issued in one or more series, in amounts, and shall bear dates, interest rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 20 years after the date of final passage of this chapter.
Enacted by Chapter 300, 1994 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 3 - 1994 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 106 - Constitutional debt limitation.

63B-3-106.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Article XIV, Sec. 1, Utah Constitution.
(2) For purposes of applying the debt limitation contained in Article XIV, Sec. 1, Utah Constitution, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 300, 1994 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 3 - 1994 Bonding › Part 1 - Capital Facilities and Capital Improvement Bonding › Section 107 - Tax levy -- Abatement of tax.

63B-3-107.
Tax levy -- Abatement of tax.
(1) Each year after issuance of the bonds and until all outstanding bonds are retired, there is levied a direct annual tax on all real and personal property within the state subject to state taxation, sufficient to pay:
(a) applicable bond redemption premiums, if any;
(b) interest on the bonds as it becomes due; and
(c) principal of the bonds as it becomes due.
(2)
(a) The State Tax Commission shall fix the rate of the direct annual tax levy each year.
(b) The tax shall be collected and the proceeds applied as provided in this chapter.
(3) The direct annual tax imposed under this section is abated to the extent money is available from sources, other than ad valorem taxes in the sinking fund, for the payment of bond interest, principal, and redemption premiums.
Enacted by Chapter 300, 1994 General Session