2006 Utah Code - 17A-2-1824 — Maximum bonded indebtedness.

     17A-2-1824.   Maximum bonded indebtedness.
     (1) The bonds of a regional service area shall be fully negotiable for all purposes and may not be issued in an amount which, together with all other existing indebtedness of the regional service area then outstanding, will exceed in total principal amount 5% of the taxable value of taxable property in the regional service area as computed from the last equalized assessment roll for county purposes made and completed prior to the issuance of the bonds.
     (2) The taxable value of all tax equivalent property, as defined in Subsection 59-3-102(2), shall be included as a part of the total taxable value of taxable property in the regional service area for purposes of the limitation.
     (3) Bonds issued in the manner that they are payable solely from revenues to be derived from the operation of all or part of the facilities of the regional service area may not be included as bonded indebtedness of the regional service area for the purpose of this computation.

Enacted by Chapter 216, 1995 General Session