§ 11-14a-1 — Notice of debt issuance.

Utah § 11-14a-1

• Jurisdiction: Utah
• Title 11: Cities, Counties, and Local Taxing Units
• Ch. 11-14a: Notice of Debt Issuance

Text

(1) For purposes of this chapter:

(1)(a) (1)(a)(i) "Debt" includes bonds, lease purchase agreements, certificates of participation, and contracts with municipal building authorities.
(1)(a)(ii) "Debt" does not include tax and revenue anticipation notes or refunding bonds.
(1)(b) (1)(b)(i) "Local government entity" means a county, city, town, school district, special district, or special service district.
(1)(b)(ii) "Local government entity" does not mean an entity created by an interlocal agreement under Title 11, Chapter 13, Interlocal Cooperation Act that has assets over $10,000,000.
(1)(c) "New debt resolution" means a resolution authorizing the issuance of debt wholly or partially to fund a rejected project.
(1)(d) "Rejected Project" means a project for which a local government entity sought voter approval for general obligation bond financing and failed to receive that approval.
(2) Unless a local government entity complies with the requirements of this section, it may not adopt a new debt resolution.
(3) (3)(a) Before adopting a new debt resolution, a local government entity shall advertise the local government entity's intent to issue debt by providing a notice of that intent for the local government entity, as a class A notice under Section 63G-30-102, for the two weeks before the meeting at which the resolution will be considered.
(3)(b) The local government entity shall ensure that the notice:
(3)(b)(i) except for website publication, is at least as large as the bill or other mailing that it accompanies;
(3)(b)(ii) is entitled, in type size no smaller than 24 point, "Intent to Issue Debt"; and
(3)(b)(iii) contains the information required by Subsection (3)(c).
(3)(c) The local government entity shall ensure that the advertisement or notice described in Subsection (3)(a):
(3)(c)(i) identifies the local government entity;
(3)(c)(ii) states that the entity will meet on a day, time, and place identified in the advertisement or notice to hear public comments regarding a resolution authorizing the issuance of debt by the entity and to explain to the public the reasons for the issuance of debt;
(3)(c)(iii) contains:

(3)(c)(iii)(A) the name of the entity that will issue the debt;
(3)(c)(iii)(B) the purpose of the debt; and
(3)(c)(iii)(C) that type of debt and the maximum principal amount that may be issued;
(3)(c)(iv) invites all concerned citizens to attend the public hearing; and
(3)(c)(v) states that some or all of the proposed debt would fund a project whose general obligation bond financing was rejected by the voters.
(4) (4)(a) The resolution considered at the hearing shall identify:
(4)(a)(i) the type of debt proposed to be issued;
(4)(a)(ii) the maximum principal amount that might be issued;
(4)(a)(iii) the interest rate;
(4)(a)(iv) the term of the debt; and
(4)(a)(v) how the debt will be repaid.
(4)(b) (4)(b)(i) Except as provided in Subsection (4)(b)(ii), the resolution considered at the hearing need not be in final form and need not be adopted or rejected at the meeting at which the public hearing is held.
(4)(b)(ii) The local government entity may not, in the final resolution, increase the maximum principal amount of debt contained in the notice and discussed at the hearing.
(4)(c) The local government entity may adopt, amend and adopt, or reject the resolution at a later meeting without recomplying with the published notice requirements of this section.

Legislative History

Amended by Chapter 16, 2023 General Session; Amended by Chapter 435, 2023 General Session