2006 Utah Code - 17A-2-1035 — Limitation on indebtedness of district.

     17A-2-1035.   Limitation on indebtedness of district.
     Districts may not incur any indebtedness which exceeds in the aggregate 3% of the fair market value of all real and personal property in the district. Within the meaning of this section, "indebtedness" includes all forms of debt which the district is authorized to incur by this part or by any other law. Bonds issued that are payable solely from revenues derived from the operation of all or part of the district facilities may not be included as indebtedness of the district for the purpose of the computation.

Renumbered and Amended by Chapter 186, 1990 General Session