2006 Utah Code - 63B-11-501 — State Bonding Commission authorized to issue general obligation bonds.

     63B-11-501.   State Bonding Commission authorized to issue general obligation bonds.
     Upon receipt of a written opinion from the Utah Attorney General that Salt Lake County has entered a binding legal agreement with the state in which Salt Lake County agrees, until all of the principal, interest, and issuance costs on the bonds have been paid, to annually transfer enough of the 1/4 of 1/4% of sales tax proceeds earmarked by Section 59-12-502 to the sinking fund created in Section 63B-11-508 to pay the principal, interest, and issuance costs for any general obligation bonds issued to provide funds for any of the Salt Lake County transportation projects identified in Section 63B-11-502, 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 Transportation.

Amended by Chapter 335, 2003 General Session