63J-3-402. Debt limitation -- Vote requirement needed to exceed limitation -- Exceptions.

289 words·~1 min read·/ut/title-63j/chapter-3/63j-3-402·

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

Effective 5/5/2021

(a)Except as provided in Subsection (1)(b) , the outstanding general obligation debt of the state may not exceed 45% of the maximum allowable appropriations limit unless approved by more than a two-thirds vote of both houses of the Legislature.

(b)Notwithstanding the limitation contained in Subsection (1)(a) , debt issued under the authority of the following parts or sections is not subject to the debt limitation established by this section:

(i)Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond Authorization ;

(ii)Title 63B, Chapter 6, Part 3, 1997 Highway Bond Anticipation Note Authorization ;

(iii)Title 63B, Chapter 7, Part 2, 1998 Highway General Obligation Bond Authorization ;

(iv)Title 63B, Chapter 7, Part 3, 1998 Highway Bond Anticipation Note Authorization ;

(v)Title 63B, Chapter 8, Part 2, 1999 Highway General Obligation Bond Authorization ;

(vi)Title 63B, Chapter 8, Part 3, 1999 Highway Bond Anticipation Note Authorization ;

(vii)Title 63B, Chapter 10, Part 1, 2001 Highway General Obligation Bonds ;

(viii)Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond Anticipation Notes Authorization ;

(ix)Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bonds for Salt Lake County ;

(x)Title 63B, Chapter 11, Part 6, 2002 Highway General Obligation Bond Anticipation Notes for Salt Lake County ;

(xi)Section 63B-13-102 ;

(xii)Section 63B-16-101 ;

(xiii)Section 63B-16-102 ;

(xiv)Section 63B-18-401 ;

(xv)Section 63B-18-402 ; and

(xvi)Title 63B, Chapter 27, Part 1, 2017 Highway General Obligation Bonds .

(2)This section does not apply if contractual rights will be impaired.

Amended by Chapter 64 , 2021 General Session