63B-3-106 - Constitutional debt limitation.
63B-3-106. Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates thelimitation described in Article XIV, Sec. 1, Utah Constitution.
(2) For purposes of applying the debt limitation contained in Article XIV, Sec. 1, UtahConstitution, the value of the taxable property in Utah is considered to be 100% of the fair marketvalue of the taxable property of the state, as computed from the last assessment for state purposesprevious to the issuance of the bonds.
Enacted by Chapter 300, 1994 General Session