Utah Code 63B-6-402. Maximum amount — Projects authorized
Current as of: 2024 | Check for updates
|
Other versions
(1) The total amount of bonds issued under this part may not exceed $9,000,000.
Terms Used In Utah Code 63B-6-402
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Contract: A legal written agreement that becomes binding when signed.
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)
(2)(a) Proceeds from the issuance of bonds shall be provided to the State Tax Commission to provide funds to pay all or part of the cost of the project described in this Subsection (2).
(2)(b) These costs may include:
(2)(b)(i) the cost of acquisition, development, and conversion of computer hardware and software for motor vehicle fee systems and tax collection and accounting systems of the state;
(2)(b)(ii) interest estimated to accrue on these bonds during the period to be covered by that development and conversion, plus a period of six months following the completion of the development and conversion; and
(2)(b)(iii) all related engineering, consulting, and legal fees.
(2)(c) For the State Tax Commission, proceeds shall be provided for the following: | | PROJECT
| AMOUNT
|
| | UTAX SYSTEMS ACQUISITION AND DEVELOPMENT | $8,500,000 |
DESCRIPTION
FUNDED
(3) The commission, by resolution may decline to issue bonds if the project could be construed to violate state law or federal law or regulation.
(4)
(4)(a) For this project, for which only partial funding is provided in Subsection (2), it is the intent of the Legislature that the balance necessary to complete the project be addressed by future Legislatures, either through appropriations or through the issuance or sale of bonds.
(4)(b) The State Tax Commission may enter into contracts for amounts not to exceed the anticipated full project funding but may not allow work to be performed on those contracts in excess of the funding already authorized by the Legislature.
(4)(c) Those contracts shall contain a provision for termination of the contract for the convenience of the state.
(4)(d) It is also the intent of the Legislature that this authorization to the State Tax Commission does not bind future Legislatures to fund projects initiated from this authorization.