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
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 […]
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 […]
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) […]
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 […]
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 […]
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) […]
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 […]
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, […]
Section 305 – Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate.
63B-11-305. Terms and conditions of sale — Plan of financing — Signatures — Replacement — Registration — Federal rebate. (1) In the issuance of bonds, the commission may determine by resolution: (a) the manner of sale, including public or private sale; (b) the terms and conditions of sale, including price, whether at, below, or above […]