17D-2-502 - Required process for issuance of local building authority bonds. - Utah Statutes

17D-2-502. Required process for issuance of local building authority bonds.
(1) A local building authority may not issue bonds unless the creating local entity'sgoverning body approves the issuance and terms of the bonds.
(2) (a) Before issuing bonds, the authority board of a local building authority shall givepublic notice of the authority board's intent to issue bonds.
(b) (i) A local building authority may not issue bonds without the approval of thecreating local entity's voters if, within 30 days after the notice under Subsection (2)(a) is given, awritten petition requesting an election is filed with the local building authority, signed by at least20% of the active voters, as defined in Section 20A-1-102, within the creating local entity.
(ii) Each election under Subsection (2)(b)(i) shall be held as provided in Title 11,Chapter 14, Local Government Bonding Act, in the same manner as an election for generalobligation bonds issued by the creating local entity.

Enacted by Chapter 360, 2008 General Session