Utah Code 63B-7-503. Highway revenue bond authorization
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It is the intent of the Legislature that:
(1) the State Building Ownership Authority, under the authority of Title 63B, Chapter 1, Part 3, State Building Ownership Authority Act , may issue or execute obligations to provide up to $10,000,000 for the acquisition of real property or any interests in real property for state, county, or municipal transportation corridors as provided in Section 72-2-117 ; and
Terms Used In Utah Code 63B-7-503
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(2) revenues of the Marda Dillree Corridor Preservation Fund be used as the primary revenue source for the repayment of any obligation created under authority of this section.