Utah Statutes
§ 63B-2-206 — Constitutional debt limitation.
(1)The commission may not issue bonds under this chapter in an amount that violates the limitation described in Article XIV, Sec. 1, Utah Constitution.
(2)For purposes of applying the debt limitation contained in Article XIV, Sec. 1, Utah Constitution, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.
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Legislative History
Enacted by Chapter 304, 1993 General Session
Nearby Sections
15
§ 63B-1-101
Definitions.§ 63B-1-201
Members -- Powers and duties -- Per diem.§ 63B-1-301
Title.§ 63B-1-302
Legislative findings.§ 63B-1-303
Definitions.§ 63B-1-305
Powers and duties of authority.§ 63B-1-309
Securing of obligations -- Provisions in mortgages given as security -- Procedure upon default.§ 63B-1-310
Proceeds from sale of obligations -- Use.§ 63B-1-311
Cost of acquiring or constructing facility.