2006 Utah Code - 72-2-121.1 — State Highway Projects Within Counties Fund -- Accounting for revenues -- Interest -- Expenditure of revenues.

     72-2-121.1.   State Highway Projects Within Counties Fund -- Accounting for revenues -- Interest -- Expenditure of revenues.
     (1) There is created a special revenue fund known as the State Highway Projects Within Counties Fund.
     (2) The State Highway Projects Within Counties Fund shall be funded by revenues generated by a tax imposed by a county under Title 59, Chapter 12, Part 15, County Option Sales and Use Tax for Highways, Fixed Guideways, or Systems for Public Transit Act, if those revenues are allocated:
     (a) for a purpose described in Subsection 59-12-1503(2)(a)(iii); and
     (b) in accordance with Section 59-12-1503.
     (3) The department shall make a separate accounting for:
     (a) the revenues described in Subsection (2); and
     (b) each county for which revenues are deposited into the State Highway Projects Within Counties Fund.
     (4) (a) The State Highway Projects Within Counties Fund shall earn interest.
     (b) The department shall allocate the interest earned on the State Highway Projects Within Counties Fund:
     (i) proportionately;
     (ii) to each county's balance in the State Highway Projects Within Counties Fund; and
     (iii) on the basis of each county's balance in the State Highway Projects Within Counties Fund.
     (5) The department shall expend the revenues and interest deposited into the State Highway Projects Within Counties Fund to pay:
     (a) for a project:
     (i) described in Subsection 59-12-1503(2)(a)(iii)(A); and
     (ii) for which the requirements of Subsection 59-12-1503(5) are met;
     (b) debt service on a project described in Subsection (5)(a); or
     (c) bond issuance costs relating to a project described in Subsection (5)(a).

Enacted by Chapter 282, 2003 General Session