63C-25-203. Debt affordability report.

251 words·~1 min read·/ut/title-63c/chapter-25/63c-25-203

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/4/2022

(1)No later than November 1 each year, the state treasurer, with assistance from the Governor's Office of Planning and Budget and the Office of the Legislative Fiscal Analyst, shall prepare and submit a debt affordability report to the commission and the Revenue and Taxation Interim Committee.

(2)The debt affordability report shall include:

(a)as determined by the state treasurer, the amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years:

(i)will be outstanding; and

(ii)has been authorized but is not yet issued;

(b)a projected schedule of affordable, state tax-supported debt authorizations for the next fiscal year;

(c)projected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon:

(i)existing outstanding debt;

(ii)previously authorized but unissued debt; and

(iii)projected bond authorizations;

(d)the criteria that recognized bond rating agencies use to judge the quality of issues of bonds issued by the state; and

(e)any other information that is relevant to:

(i)the state's ability to meet its projected debt service requirements;

(ii)the ability of the state to support additional debt service;

(iii)the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of state bonds; and

(iv)the effect of authorizing new tax-supported debt on each of the considerations described in this Subsection

(2).

Enacted by Chapter 207 , 2022 General Session