Utah Code 63B-1a-101. Definitions — Bonds authorized — Prohibitions — Purposes — Maturity — Use of bonds proceeds
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section:
Terms Used In Utah Code 63B-1a-101
- Capital project: means any land, building, facility, highway, improvement, equipment, or other property, or combination of them, that the state of Utah or any of its agencies, divisions, institutions, or other administrative subunits are authorized by law to acquire or construct. See Utah Code 63B-1-101
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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
(1)(a) “Cost” includes:
(1)(a)(i) all costs related to the authorized capital project, including the cost of equipment and furnishings for, interests in, or improvements necessary, incidental, or convenient to, those capital projects;
(1)(a)(ii) all costs incident to the authorization and issuance of bonds;
(1)(a)(iii) interest estimated to accrue on bonds during the period to be covered by the acquisition and construction of the capital project and for up to 12 months after that period; and
(1)(a)(iv) other amounts that the commission finds necessary to establish reserve funds and to provide working capital related to the capital project.
(1)(b) “Taxable property of the state” includes all real and personal property subject to ad valorem taxation within the state, including all property subject to a fee-in lieu of tax.
(2) When authorized by the Legislature, the commission may, in the manner specified in this chapter, issue bonds to provide funds to the state for the purpose of paying all or part of the cost of designing, acquiring, constructing, improving, or extending:
(2)(a) any one or more capital projects; or
(2)(b) any interest in one or more or any combination of capital projects.
(3) Before issuing any bonds, the commission shall determine that the Legislature has:
(3)(a) affirmatively authorized the issuance of the bonds; and
(3)(b) has specified:
(3)(b)(i) for capital projects, the capital projects to be funded; and
(3)(b)(ii) the maximum amount of the bonds.
(4) The commission shall either:
(4)(a) comply with any maturity requirements established by the Legislature; or
(4)(b) in the absence of any maturity requirements, establish, by resolution, a bond maturity date or dates that are not later than 15 years after the date of delivery of the bonds.
(5)
(5)(a) The commission may not issue bonds under this chapter in an amount that violates the limitation described in the Utah Constitution, Article XIV, § 1 or payable beyond the period described in the Utah Constitution, Article XIII, § 5(3).
(5)(b) For purposes of applying the debt limitation contained in the Utah Constitution Article XIV, § 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 made before the issuance of the bonds.