Effective 5/12/2020 72-2-121.4 2010 interlocal agreement governing state highway projects in Salt Lake County. (1) Under the direction of the attorney general, the state of Utah and Salt Lake County may enter
into an interlocal agreement that includes, at minimum, the provisions specified in this section. (2) The attorney general shall ensure that, in the agreement, Salt Lake County covenants to:
(a) issue revenue bonds in an amount generating proceeds of at least $77,000,000, together with additional amounts necessary to pay costs of issuance, pay capitalized interest, and fund any debt service reserve requirements, and secured by revenues received from the state of Utah under Section 72-2-121.3;
(b) transfer at least $68,500,000 to the Department of Transportation to be used for state highway projects in Salt Lake County as provided in the interlocal agreement; and
(c) use or transfer to a municipality to use $8,500,000 to pay all or part of the costs of the following highway construction projects in Salt Lake County in the following amounts:
(i) $2,000,000 to Salt Lake County for 2300 East in Salt Lake County; (ii) $3,500,000 to Salt Lake City for North Temple; (iii) $1,500,000 to Murray City for 4800 South; and (iv) $1,500,000 to Riverton City for 13400 South -- 4000 West to 4570 West.
(3) The attorney general shall ensure that, in the agreement, the state of Utah covenants to: (a) use the money transferred by Salt Lake County under Subsection (2)(b) to pay all or part of
the costs of the following state highway construction or reconstruction projects within Salt Lake County:
(i) 5400 South -- Bangerter Highway to 4000 West; (ii) Bangerter Highway at SR-201; (iii) 12300 South at State Street; (iv) Bangerter Highway at 6200 South; (v) Bangerter Highway at 7000 South; (vi) Bangerter Highway at 3100 South; (vii) 5400 South -- 4000 West to past 4800 West; (viii) 9400 South and Wasatch Boulevard; and (ix) I-215 West Interchange -- 3500 South to 3800 South and ramp work;
(b) widen and improve US-89 between 7200 South and 9000 South with available highway funding identified by the commission; and
(c) transfer to Salt Lake County or its designee from the 2010 Salt Lake County Revenue Bond Sinking Fund the amount certified by Salt Lake County as necessary to pay:
(i) the debt service on the revenue bonds issued by Salt Lake County; and (ii) any additional amounts necessary to pay costs of issuance, pay capitalized interest, and
fund any debt service reserve requirements. (4) The costs under Subsections (2)(c) and (3)(a) 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 and all related engineering, architectural, and legal fees.
(5) In preparing the agreement required by this section, the attorney general and Salt Lake County shall:
(a) review each existing interlocal agreement with Salt Lake County concerning Salt Lake County revenues received by the state for state highway projects within Salt Lake County; and
(b) as necessary, modify those agreements or draft a new interlocal agreement encompassing all of the provisions necessary to reflect the state of Utah's and Salt Lake County's obligations for those revenues and projects.
Amended by Chapter 366, 2020 General Session