Utah Code 63B-7-406. Constitutional debt limitation
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(1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Utah Constitution Article XIV, § 1.
Terms Used In Utah Code 63B-7-406
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) For purposes of applying the debt limitation contained in Utah Constitution Article XIV, § 1, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.