Utah Code 63C-25-203. Debt affordability report
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(1) No later than November 1 each year, the state treasurer, with assistance from the Governor’s Office of Planning and Budget and the Office of the Legislative Fiscal Analyst, shall prepare and submit a debt affordability report to the commission and the Revenue and Taxation Interim Committee.
Terms Used In Utah Code 63C-25-203
- Bond: means the same as that term is defined in Section
63B-1-101 . See Utah Code 63C-25-101 - Commission: means the State Finance Review Commission created in Section
63C-25-201 . See Utah Code 63C-25-101 - Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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) The debt affordability report shall include:
(2)(a) as determined by the state treasurer, the amount of tax-supported debt that, during the next fiscal year and annually for the following nine fiscal years:
(2)(a)(i) will be outstanding; and
(2)(a)(ii) has been authorized but is not yet issued;
(2)(b) a projected schedule of affordable, state tax-supported debt authorizations for the next fiscal year;
(2)(c) projected debt-service requirements during the next fiscal year and annually for the following nine fiscal years based upon:
(2)(c)(i) existing outstanding debt;
(2)(c)(ii) previously authorized but unissued debt; and
(2)(c)(iii) projected bond authorizations;
(2)(d) the criteria that recognized bond rating agencies use to judge the quality of issues of bonds issued by the state; and
(2)(e) any other information that is relevant to:
(2)(e)(i) the state’s ability to meet its projected debt service requirements;
(2)(e)(ii) the ability of the state to support additional debt service;
(2)(e)(iii) the interest rate to be borne by, the credit rating on, or any other factor affecting the marketability of state bonds; and
(2)(e)(iv) the effect of authorizing new tax-supported debt on each of the considerations described in this Subsection (2).