reglab/statecodes huggingface dataset:
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 107 - Tax levy -- Abatement of tax.

63B-11-107.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 108 - Creation of sinking fund.

63B-11-108.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 Capital Facilities 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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 109 - Payment of interest, principal, and redemption premiums.

63B-11-109.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 110 - Investment of sinking fund money.

63B-11-110.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 111 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-11-111.
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 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 112 - Refunding of bonds.

63B-11-112.
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 is considered the public body and the commission its governing body.
Enacted by Chapter 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 113 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-11-113.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 114 - Tax exemption.

63B-11-114.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 115 - Legal investment status.

63B-11-115.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 116 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-11-116.
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 11 - 2002 Bonding and Financing Authorizations › Part 1 - 2002 Capital Facilities General Obligation Bonds › Section 117 - Report to Legislature.

63B-11-117.
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 199, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 201 - State Bonding Commission authorized to issue general obligation bonds.

63B-11-201.
State Bonding Commission authorized to issue general obligation bonds.
When the conditions established in Section 63B-11-202 are met, 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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 203 - Use of bond proceeds for issuance and other costs.

63B-11-203.
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-11-202 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' discounts.
Enacted by Chapter 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 204 - Manner of issuance -- Amounts, interest, and maturity.

63B-11-204.
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 rate or rates, including a variable rate, and maturity dates as the commission determines by resolution.
(3) A bond issued may not mature later than 15 years after the date of final passage of this chapter.
Enacted by Chapter 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 206 - Constitutional debt limitation.

63B-11-206.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1.
(2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, Section 1, 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, including fee-in-lieu property, as computed from the last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 207 - Tax levy -- Abatement of tax.

63B-11-207.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 208 - Creation of sinking fund.

63B-11-208.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 209 - Payment of interest, principal, and redemption premiums.

63B-11-209.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 210 - Investment of sinking fund money.

63B-11-210.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 211 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-11-211.
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 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 212 - Refunding of bonds.

63B-11-212.
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 is considered the public body and the commission its governing body.
Enacted by Chapter 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 213 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-11-213.
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 conditions precedent.
Enacted by Chapter 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 214 - Tax exemption.

63B-11-214.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 215 - Legal investment status.

63B-11-215.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 216 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-11-216.
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 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 11 - 2002 Bonding and Financing Authorizations › Part 2 - 2002 Engineering Building General Obligation Bonds › Section 217 - Report to Legislature.

63B-11-217.
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 252, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 301 - State Bonding Commission authorized to issue general obligation bonds.

63B-11-301.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 302 - Maximum amount -- Projects authorized.

63B-11-302.
Maximum amount -- Projects authorized.
(1) The total amount of bonds issued under this part may not exceed $159,000,000.
(2)
(a) Proceeds from the issuance of bonds shall be provided to the Department of Transportation to provide funds to pay all or part of the costs of state highway construction or reconstruction projects.
(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, interest estimated to accrue on any bond anticipation notes issued under the authority of Chapter 11, Part 4, 2002 Highway General Obligation Bond Anticipation Notes Authorization, and all related engineering, architectural, and legal fees.
(3) 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.
(4) The Department of Transportation may enter into agreements related to that project before the receipt of proceeds of bonds issued under this chapter.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 303 - Bond proceeds may be used to pay costs of issuance and sale.

63B-11-303.
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-11-302 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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 304 - Manner of issuance -- Amounts, interest, and maturity.

63B-11-304.
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 15 years after the dated date of the bonds.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 306 - Constitutional debt limitation.

63B-11-306.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1.
(2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, Section 1, 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, including fee-in-lieu property, as computed from the last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 307 - Tax levy -- Abatement of tax.

63B-11-307.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 308 - Creation of sinking fund.

63B-11-308.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 309 - Payment of interest, principal, and redemption premiums.

63B-11-309.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 310 - Investment of sinking fund money.

63B-11-310.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 311 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-11-311.
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 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 312 - Refunding of bonds.

63B-11-312.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 313 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-11-313.
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 these conditions.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 314 - Tax exemption.

63B-11-314.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 315 - Legal investment status.

63B-11-315.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 316 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-11-316.
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 11 - 2002 Bonding and Financing Authorizations › Part 3 - 2002 Highway General Obligation Bonds › Section 317 - Report to Legislature.

63B-11-317.
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 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 4 - 2002 Highway General Obligation Bond Anticipation Notes › Section 401 - Definitions.

63B-11-401.
Definitions.
As used in this part:
(1) "Bond anticipation note" means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 3, 2002 Highway General Obligation Bonds.
(2) "Flexible note" means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity.
(3)
(a) "Short-term series note" means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:
(i) each note will be paid from the proceeds of one or more renewal notes of that series; and
(ii) the final note or notes of the series will be paid from:
(A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or
(B) money of the state on hand and legally available for that purpose.
(b) "Short-term series note" includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 4 - 2002 Highway General Obligation Bond Anticipation Notes › Section 403 - Purchase and redemption requirements.

63B-11-403.
Purchase and redemption requirements.
(1) The notes and renewals of notes may provide the holders of the notes or renewals of notes with the right to require the state or other persons to purchase or redeem the notes or renewal notes before the stated maturity of the notes or renewals.
(2) Notwithstanding Subsection (1), the holders of the notes and renewals of notes may not be provided with the right to require the state to repurchase or redeem the notes and renewals of the notes before their stated maturity unless the state has entered into one or more letter of credit agreements or other liquidity facility agreements:
(a) for the express purpose of those sales;
(b) that require a financially responsible party or parties to the agreement or agreements, other than the state, to purchase or redeem all or any portion of the notes and renewals of notes tendered by the holders of the notes or renewals of notes for repurchase or redemption before the stated maturity of the notes and renewals of notes; and
(c) that continue until the right of the holders of the notes and renewals of notes to require repurchase or redemption of the notes and renewals of notes before the stated maturity has ceased.
Enacted by Chapter 278, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 4 - 2002 Highway General Obligation Bond Anticipation Notes › Section 404 - General provisions -- Funds and accounts.

63B-11-404.
General provisions -- Funds and accounts.
(1)
(a) Sections 63B-11-305, 63B-11-306, 63B-11-313, 63B-11-314, 63B-11-315, and 63B-11-316 apply to any notes or renewals of notes issued under this part.
(b)
(i) For purposes of this part, any action that those sections require or permit the commission to take shall be considered sufficient if taken by the state treasurer.
(ii) The treasurer may take action by issuing a written order, or in some other manner that he finds necessary or convenient, to accomplish the purposes of this part.
(2) The treasurer may:
(a) in a written order, establish whatever funds and accounts are necessary or desirable to carry out the purposes of this part; and
(b) until the money is needed for the purpose for which the fund or account was created, invest the money held in those funds and accounts by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act.
Amended by Chapter 342, 2011 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 501 - State Bonding Commission authorized to issue general obligation bonds.

63B-11-501.
State Bonding Commission authorized to issue general obligation bonds.
Upon receipt of a written opinion from the Utah Attorney General that Salt Lake County has entered a binding legal agreement with the state in which Salt Lake County agrees, until all of the principal, interest, and issuance costs on the bonds have been paid, to annually transfer enough of the amount described in Subsection 59-12-2214(3)(b) to the sinking fund created in Section 63B-11-508 to pay the principal, interest, and issuance costs for any general obligation bonds issued to provide funds for any of the Salt Lake County transportation projects identified in Section 63B-11-502, 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.
Amended by Chapter 263, 2010 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 503 - Bond proceeds may be used to pay costs of issuance and sale.

63B-11-503.
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-11-502 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, liquidity providers' fees, credit enhancement providers' fees, and underwriters' discount.
Enacted by Chapter 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 504 - Manner of issuance -- Amounts, interest, and maturity.

63B-11-504.
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 15 years after the dated date of the bonds.
Enacted by Chapter 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 506 - Constitutional debt limitation.

63B-11-506.
Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, Section 1.
(2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, Section 1, 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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 507 - Tax levy -- Abatement of tax.

63B-11-507.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 508 - Creation of sinking fund.

63B-11-508.
Creation of sinking fund.
(1) There is created a sinking fund, to be administered by the state treasurer, entitled the "2002 Highway General Obligation Bonds for Salt Lake County 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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 509 - Payment of interest, principal, and redemption premiums.

63B-11-509.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 510 - Investment of sinking fund money.

63B-11-510.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 511 - Bond proceeds -- Deposits -- Investment -- Disposition of investment income and unexpended proceeds.

63B-11-511.
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 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 512 - Refunding of bonds.

63B-11-512.
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 is considered the public body and the commission its governing body.
Enacted by Chapter 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 513 - Certification of satisfaction of conditions precedent -- Conclusiveness.

63B-11-513.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 514 - Tax exemption.

63B-11-514.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 515 - Legal investment status.

63B-11-515.
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 266, 2002 General Session
2023 Utah Code › Title 63B - Bonds › Chapter 11 - 2002 Bonding and Financing Authorizations › Part 5 - 2002 Highway General Obligation Bonds for Salt Lake County › Section 516 - Publication of resolution or notice -- Limitation on actions to contest legality.

63B-11-516.
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