2006 Utah Code - 17A-2-1317 — Bonds payable from taxes -- Limitations.

     17A-2-1317.   Bonds payable from taxes -- Limitations.
     Bonds of a service district which by their terms are payable in whole or in part from taxes may not be issued in an amount which, when added to the then outstanding bonds of the service district similarly payable from taxes, exceeds 12% of the fair market value, as defined under Section 59-2-102, of the taxable property in the service district. For purposes of this section, the fair market value of all tax equivalent property, as defined in Section 59-3-102, shall be included as a part of the fair market value of taxable property in the service district. The fair market value shall be computed from the taxable values shown on the assessment rolls of each county in which the service district is located as last equalized prior to the issuance of the bonds and by converting these taxable values to fair market value, using for that purpose the appropriate multiple based on the statutory assessment ratio provided by law. Tax anticipation notes, bond anticipation notes, and bonds of the service district payable solely from revenues derived from the operation of revenue-producing facilities of the district may not be included as outstanding bonds for purposes of limitation.

Renumbered and Amended by Chapter 186, 1990 General Session