(1) The total amount of bonds issued under this part may not exceed $12,300,000.
(2) (a) Proceeds from the issuance of bonds shall be provided to the Department of Transportation as follows: (i) not more than $7,250,000 to provide funds to pay all or part of the cost of constructing the Bangerter Highway; (ii) not more than $2,000,000 to provide funds to pay all or part of the cost of enhancing and improving the 90th South interchange; (iii) not more than $1,000,000 to provide funds to pay all or part of the cost of enhancing and improving the I-15 interchange at South University Avenue in Provo; (iv) not more than $250,000 to provide funds to pay all or part of the cost of the Ogden I-15 Environmental Study; and (v) not more than $1,500,000 to provide funds to pay all or part of the cost of constructing class II sound walls on the interstate system in Salt Lake County according to the Department of Transportation priority list. (b) These costs may include the cost of acquiring land, interests in land, easements and rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, and all related engineering, architectural, and legal fees.
(a) Proceeds from the issuance of bonds shall be provided to the Department of Transportation as follows: (i) not more than $7,250,000 to provide funds to pay all or part of the cost of constructing the Bangerter Highway; (ii) not more than $2,000,000 to provide funds to pay all or part of the cost of enhancing and improving the 90th South interchange; (iii) not more than $1,000,000 to provide funds to pay all or part of the cost of enhancing and improving the I-15 interchange at South University Avenue in Provo; (iv) not more than $250,000 to provide funds to pay all or part of the cost of the Ogden I-15 Environmental Study; and (v) not more than $1,500,000 to provide funds to pay all or part of the cost of constructing class II sound walls on the interstate system in Salt Lake County according to the Department of Transportation priority list.
(i) not more than $7,250,000 to provide funds to pay all or part of the cost of constructing the Bangerter Highway;
(ii) not more than $2,000,000 to provide funds to pay all or part of the cost of enhancing and improving the 90th South interchange;
(iii) not more than $1,000,000 to provide funds to pay all or part of the cost of enhancing and improving the I-15 interchange at South University Avenue in Provo;
(iv) not more than $250,000 to provide funds to pay all or part of the cost of the Ogden I-15 Environmental Study; and
(v) not more than $1,500,000 to provide funds to pay all or part of the cost of constructing class II sound walls on the interstate system in Salt Lake County according to the Department of Transportation priority list.
(b) These costs may include the cost of acquiring land, interests in land, easements and rights-of-way, improving sites, and making all improvements necessary, incidental, or convenient to the facilities, interest estimated to accrue on these bonds during the period to be covered by construction of the projects plus a period of six months after the end of the construction period, and all related engineering, architectural, and legal fees.
(3) If, after completion of the projects authorized under Subsection (2)(a) and payment of the costs of issuing and selling the bonds under Section 63B-3-203, any bond proceeds remain unexpended, the Department of Transportation may use those unexpended proceeds to pay all or part of the costs of construction projects approved by the Utah Transportation Commission.
(4) The commission may, by resolution, make any statement of intent relating to that reimbursement that is necessary or desirable to comply with federal tax law.
(5) The Department of Transportation may enter into agreements related to that project before the receipt of proceeds of bonds issued under this chapter.
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