17-12-1 - Authority and applicable procedure for issuance of bonds -- Application of proceeds -- Debt limit. - Utah Statutes

17-12-1. Authority and applicable procedure for issuance of bonds -- Applicationof proceeds -- Debt limit.
Except as otherwise provided under Section 17-50-303, the county legislative body maycontract a bonded indebtedness in the manner and subject to the conditions provided under Title11, Chapter 14, Local Government Bonding Act. The revenue derived from the sale of bondsshall be applied only to the purpose or purposes specified in the order of the county legislativebody. If there is any surplus, it shall be applied to the payment of the bonds. In no event mayany county become so indebted to an amount, including existing indebtedness, exceeding 2% ofthe fair market value, as defined under Section 59-2-102, of the taxable property in the county ascomputed from the last equalized assessment roll for county purposes prior to the incurring of theindebtedness.

Amended by Chapter 105, 2005 General Session