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 […]
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 […]
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) […]
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, […]
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 […]
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 […]
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 […]