2006 Utah Code - 63B-8-503 — Highway intent language.

     63B-8-503.   Highway intent language.
     (1) It is the intent of the Legislature that the state treasurer structure the financing so that:
     (a) the debt service is minimized; and
     (b) the debt may be paid off before July 1, 2007.
     (2) It is the intent of the Legislature that:
     (a) $26,000,000 of the bond proceeds issued under this chapter be expended for the construction of the I-15 interchange project at 11400 South in Salt Lake County;
     (b) the $44,000,000 allocated as a Centennial Highway Fund project for the extension of 20th East in Salt Lake County be reduced by $26,000,000;
     (c) the Department of Transportation begin construction on the 11400 South project in fiscal year 1999-2000 instead of fiscal year 2007-2008 if the affected local entities provide for the payment of interest and issuance costs due on the notes or bonds in a manner satisfactory to the state treasurer and the executive director of the Department of Transportation; and
     (d) the 20th East funding schedule as contemplated in the Centennial Highway program as of March 3, 1999 is applied in calculating the interest and issuance costs due under this subsection.

Enacted by Chapter 331, 1999 General Session