63B-11-501 - State Bonding Commission authorized to issue general obligation bonds.
63B-11-501. State Bonding Commission authorized to issue general obligationbonds.
Upon receipt of a written opinion from the Utah Attorney General that Salt Lake Countyhas entered a binding legal agreement with the state in which Salt Lake County agrees, until allof the principal, interest, and issuance costs on the bonds have been paid, to annually transferenough of the amount described in Subsection 59-12-2214(3)(b) to the sinking fund created inSection 63B-11-508 to pay the principal, interest, and issuance costs for any general obligationbonds issued to provide funds for any of the Salt Lake County transportation projects identifiedin Section 63B-11-502, the commission created under Section 63B-1-201 may issue and sellgeneral obligation bonds of the state pledging the full faith, credit, and resources of the state forthe payment of the principal of and interest on the bonds, to provide funds to the Department ofTransportation.
Amended by Chapter 263, 2010 General Session