Utah Code 63B-27-103. Highway bonds debt limitation
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(1) Notwithstanding Subsection 63B-27-101(1)(c), the commission may issue a general obligation bond authorized under Section 63B-27-101 if the issuance of the general obligation bond would result in the total current outstanding general obligation debt of the state exceeding 50% of the limitation described in the Utah Constitution, Article XIV, Section 1.
Terms Used In Utah Code 63B-27-103
- Commission: means the State Bonding Commission created in Section 63B-1-201. See Utah Code 63B-1-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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) This section supersedes any conflicting provisions of Utah law.