"New debt resolution" means a resolution authorizing the issuance of debt wholly or partially to fund a rejected project.
(d)
"Rejected Project" means a project for which a local government entity sought voter approval for general obligation bond financing and failed to receive that approval.
(2)
Unless a local government entity complies with the requirements of this section, it may not adopt a new debt resolution.
(3)
(a)
Before adopting a new debt resolution, a local government entity shall advertise the local government entity's intent to issue debt by providing a notice of that intent for the local government entity, as a class A notice under Section 63G-30-102, for the two weeks before the meeting at which the resolution will be considered.
(b)
The local government entity shall ensure that the notice:
(i)
except for website publication, is at least as large as the bill or other mailing that it accompanies;
(ii)
is entitled, in type size no smaller than 24 point, "Intent to Issue Debt"; and
(iii)
contains the information required by Subsection (3)(c).
(c)
The local government entity shall ensure that the advertisement or notice described in Subsection (3)(a):
(i)
identifies the local government entity;
(ii)
states that the entity will meet on a day, time, and place identified in the advertisement or notice to hear public comments regarding a resolution authorizing the issuance of debt by the entity and to explain to the public the reasons for the issuance of debt;
(iii)
contains:
(A)
the name of the entity that will issue the debt;
(B)
the purpose of the debt; and
(C)
that type of debt and the maximum principal amount that may be issued;
(iv)
invites all concerned citizens to attend the public hearing; and
(v)
states that some or all of the proposed debt would fund a project whose general obligation bond financing was rejected by the voters.
(4)
(a)
The resolution considered at the hearing shall identify:
(i)
the type of debt proposed to be issued;
(ii)
the maximum principal amount that might be issued;
(iii)
the interest rate;
(iv)
the term of the debt; and
(v)
how the debt will be repaid.
(b)
(i)
Except as provided in Subsection (4)(b)(ii), the resolution considered at the hearing need not be in final form and need not be adopted or rejected at the meeting at which the public hearing is held.
(ii)
The local government entity may not, in the final resolution, increase the maximum principal amount of debt contained in the notice and discussed at the hearing.
(c)
The local government entity may adopt, amend and adopt, or reject the resolution at a later meeting without recomplying with the published notice requirements of this section.
Amended by Chapter 16, 2023 General Session Amended by Chapter 435, 2023 General Session
Section 14a-1 ("Notice of debt issuance.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 14a-1?
A common citation format is "Utah Code § 14a-1" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 14a-1 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
