2006 Utah Code - 72-2-121 — Public Transportation System Tax Highway Fund.

     72-2-121.   Public Transportation System Tax Highway Fund.
     (1) There is created a special revenue fund entitled the Public Transportation System Tax Highway Fund.
     (2) The fund consists of monies generated from the following revenue sources:
     (a) any voluntary contributions received for new construction, major renovations, and improvements to Interstate 15 and state highways within a county of the first class;
     (b) the portion of the sales and use tax described in Subsection 59-12-502(5)(a)(ii) deposited in or transferred to the fund through an interlocal agreement; and
     (c) the portion of the sales and use tax described in Subsection 59-12-1703(4)(a)(ii) and required by Subsection 59-12-1703(7)(b)(ii) to be deposited in or transferred to the fund.
     (3) (a) The fund shall earn interest.
     (b) All interest earned on fund monies shall be deposited into the fund.
     (4) The executive director may use fund monies, as prioritized by the Transportation Commission:
     (a) for the portion of the monies generated from the revenue sources described in Subsections (2)(a) and (b), only for new construction, major renovations, and improvements to Interstate 15 and state highways within a county of the first class and to pay any debt service and bond issuance costs related to those projects; and
     (b) for the portion of the monies generated from the revenue sources described in Subsection (2)(c), only for state highway corridor preservation for new state highway projects within a county of the first class, to pay any debt service and bond issuance costs related to those projects, and shall not supplant monies already designated for state projects.
     (5) The additional administrative costs of the department to administer this fund shall be paid from the monies in the fund.

Amended by Chapter 1, 2006 Special Session 4