(1) As used in this section, "transportation projects" means Department of Transportation projects described in Subsection 63B-27-101(2). (2) (a) When the Department of Transportation certifies to the commission that the requirements of Subsection 72-2-124(7) have been met and certifies the amount of bond proceeds that the commission needs to provide funding for the transportation projects for the current or next fiscal year, the commission may issue and sell general obligation bonds in an amount equal to the certified amount, plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any existing debt services reserve requirements, not to exceed 1% of the certified amount. (b) The commission may issue general obligation bonds authorized under this section if the issuance of general obligation bonds would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1. (3) The commission may issue general obligation bonds as provided in this section. (4) The total amount of bonds to be issued under this section may not exceed $89,510,000 for acquisition and construction proceeds, plus additional amounts necessary to pay costs of issuance, to pay capitalized interest, and to fund any existing debt service reserve requirements, with the total amount of the bonds not to exceed $92,000,000. (5) The commission shall ensure that proceeds from the issuance of bonds under this section are provided to the Department of Transportation for use by the Department of Transportation to pay all or part of the cost of the transportation projects, including: (a) interest estimated to accrue on the bonds authorized in this section until the completion of construction of the transportation project, plus a period of 12 months after the end of construction; and (b) all related engineering, architectural, and legal fees. (6) The Department of Transportation shall transfer $20,000,000 of bond proceeds under this section to the Governor's Office of Economic Development for a transportation-related project in a project area created by the military installation development authority, created in Section 63H-1-201. (7) (a) The Department of Transportation may enter into agreements related to the transportation projects before the receipt of proceeds of bonds issued under this section. (b) The state intends to use proceeds of tax-exempt bonds to reimburse itself for expenditures for costs of the transportation projects. (8) This section supersedes any conflicting provisions of Utah law.
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