72-2-121.2 - Definition -- County of the Second Class State Highway Projects Fund -- Use of fund monies.

72-2-121.2. Definition -- County of the Second Class State Highway Projects Fund-- Use of fund monies.
(1) As used in this section, "fund" means the County of the Second Class State HighwayProjects Fund created by this section.
(2) There is created within the Transportation Fund a special revenue fund known as theCounty of the Second Class State Highway Projects Fund.
(3) The fund shall be funded by monies collected from:
(a) any voluntary contributions the department receives for new construction, majorrenovations, and improvements to state highways within a county of the second class; and
(b) sales and use taxes deposited into the fund in accordance with Section 59-12-2218.
(4) The department shall make a separate accounting for:
(a) the revenues described in Subsection (3); and
(b) each county of the second class or city or town within a county of the second class forwhich revenues are deposited into the fund.
(5) (a) The fund shall earn interest.
(b) Interest earned on fund monies shall be deposited into the fund.
(6) Subject to Subsection (9), the executive director may use fund monies only:
(a) for right-of-way acquisition, new construction, major renovations, and improvementsto state highways within a county of the second class or a city or town within a county of thesecond class in an amount that does not exceed the amounts deposited for or allocated to thatcounty of the second class or city or town within a county of the second class in accordance withthis section;
(b) to pay any debt service and bond issuance costs related to a purpose described inSubsection (6)(a) in an amount that does not exceed the amounts deposited for or allocated tothat county of the second class or city or town within a county of the second class described inSubsection (6)(a) in accordance with this section; and
(c) to pay the costs of the department to administer the fund in an amount not to exceedinterest earned by the fund monies.
(7) If interest remains in the fund after the executive director pays the costs of thedepartment to administer the fund, the interest shall be:
(a) allocated to each county of the second class or city or town within a county of thesecond class for which revenues are deposited into the fund in proportion to the deposits madeinto the fund for that county of the second class or city or town within a county of the secondclass; and
(b) expended for the purposes described in Subsection (6).
(8) Revenues described in Subsection (3)(b) that are deposited into the fund areconsidered to be a local matching contribution for the purposes described in Section 72-2-123.
(9) (a) The executive director shall, in using fund monies, ensure to the extent possiblethat the fund monies deposited for or allocated to a city or town are used:
(i) for a purpose described in Subsection (6)(a) within the city or town to which the fundmonies are allocated;
(ii) to pay debt service and bond issuance costs described in Subsection (6)(b) if the debtservice and bond issuance costs are:
(A) secured by monies deposited for or allocated to the city or town; and
(B) related to a project described in Subsection (6)(a) within the city or town to which

the fund monies are allocated; or
(iii) for a purpose described in Subsection (6)(c).
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thedepartment may make rules to implement the requirements of Subsection (9)(a).

Amended by Chapter 263, 2010 General Session