11-27-9 - Prerequisites to issuance of state general obligation refunding bonds. - Utah Statutes

11-27-9. Prerequisites to issuance of state general obligation refunding bonds.
No general obligation refunding bonds of the state may be issued under this chapter,unless (a) the tax provided in Section 11-27-3.5 is sufficient to pay annual interest and to pay theprincipal of the refunding bonds within 20 years from the final passage of the law authorizing thebonds to be refunded thereby, or (b) the legislature has approved the issuance of generalobligation refunding bonds and provided for levying a tax annually, sufficient to pay the annualinterest and to pay the principal of the general obligation refunding bonds within 20 years fromthe final passage of the law approving the refunding bonds as provided in Article XIII, Sec. 2(11),Utah Constitution.

Enacted by Chapter 6, 1984 General Session