63J-3-402 - Debt limitation -- Vote requirement needed to exceed limitation -- Exceptions.
63J-3-402. Debt limitation -- Vote requirement needed to exceed limitation --Exceptions.
(1) (a) Except as provided in Subsection (1)(b), the outstanding general obligation debtof the state may not exceed 45% of the maximum allowable appropriations limit unless approvedby more than a two-thirds vote of both houses of the Legislature.
(b) Notwithstanding the limitation contained in Subsection (1)(a), debt issued under theauthority of the following parts or sections is not subject to the debt limitation established by thissection:
(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 9, Part 2, 2000 Highway General Obligation Bond;
(viii) Title 63B, Chapter 10, Part 1, 2001 Highway General Obligation Bond;
(ix) Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond AnticipationNotes Authorization;
(x) Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bond for Salt LakeCounty;
(xi) Title 63B, Chapter 11, Part 6, 2002 Highway General Obligation Bond AnticipationNotes for Salt Lake County Authorization;
(xii) Section 63B-13-102;
(xiii) Section 63B-16-101;
(xiv) Section 63B-16-102;
(xv) Section 63B-18-401; and
(xvi) Section 63B-18-402.
(2) This section does not apply if contractual rights will be impaired.
Amended by Chapter 241, 2009 General Session
Amended by Chapter 275, 2009 General Session