63B-11-106 - Constitutional debt limitation.
63B-11-106. Constitutional debt limitation.
(1) The commission may not issue bonds under this chapter in an amount that violates thelimitation described in Utah Constitution Article XIV, Section 1.
(2) For purposes of applying the debt limitation contained in Utah Constitution ArticleXIV, Section 1, the value of the taxable property in Utah is considered to be 100% of the fairmarket value of the taxable property of the state, including fee-in-lieu property, as computed fromthe last assessment for state purposes previous to the issuance of the bonds.
Enacted by Chapter 199, 2002 General Session