Rep. Norm Thurston — Voting Record

Bill

Number

H.B. 460 (2017GS)

Sponsor

Rep. Froerer, G.

Final action

Governor Signed 3/17/2017

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• increases the authorization for the issuance and extends the maximum maturity date of bonds for the prison project; and
• makes technical changes.

Every vote on this bill

Bill text

CAPITAL DEVELOPMENT PROJECTS BONDING
AMENDMENTS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Gage Froerer
Senate Sponsor: 
Wayne A. Harper
LONG TITLE
General Description:
This bill modifies provisions relating to the issuance of bonds for the prison project.
Highlighted Provisions:
This bill:
▸ increases the authorization for the issuance and extends the maximum maturity date
of bonds for the prison project; and
▸ makes technical changes.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
63B-25-101
, as enacted by Laws of Utah 2015, Chapter 182
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
63B-25-101
 is amended to read:
63B-25-101.
General obligation bonds for prison project -- Maximum amount --
Use of proceeds.
(1) As used in this section:
(a) "Prison project" means the same as that term is defined in Section 
63C-16-102
.
(b) "Prison project fund" means the capital projects fund created in Subsection
63A-5-225
(7).
(2) The commission may issue general obligation bonds as provided in this section.
(3) (a) The total amount of bonds to be issued under this section may not exceed
[
$470,000,000
] 
$570,000,000
, plus additional amounts necessary to pay costs of issuance, to
pay capitalized interest, and to fund any debt service reserve requirements, with the total
amount of the bonds not to exceed [
$474,700,000
] 
$575,700,000
.
(b) The maturity of bonds issued under this section [
shall be seven
] 
may not exceed 10
years.
(4) The commission shall ensure that proceeds from the issuance of bonds under this
section are deposited into the Prison Project Fund for use by the division to pay all or part of
the cost of the prison project, including:
(a) interest estimated to accrue on the bonds authorized in this section until the
completion of construction of the prison project, plus a period of 12 months after the end of
construction; and
(b) all related engineering, architectural, and legal fees.
(5) (a) The division may enter into agreements related to the prison project before the
receipt of proceeds of bonds issued under this section.
(b) The division shall make those expenditures from unexpended and unencumbered
building funds already appropriated to the Prison Project Fund.
(c) The division shall reimburse the Prison Project Fund upon receipt of the proceeds
of bonds issued under this chapter.
(d) The state intends to use proceeds of tax-exempt bonds to reimburse itself for
expenditures for costs of the prison project.
(6) Before issuing bonds authorized under this section, the commission shall request
and consider a recommendation from the Prison Development Commission, created in Section
63C-16-201
, regarding the timing and amount of the issuance.