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H.B. 393

             1     

TRUTH IN BONDING

             2     
2007 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Gregory H. Hughes

             5     
Senate Sponsor: Howard A. Stephenson

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill requires certain information be included in ballot propositions for bond
             10      elections.
             11      Highlighted Provisions:
             12          This bill:
             13          .    requires that the ballot proposition for bond elections include information about
             14      property tax increases required to service the bonds.
             15      Monies Appropriated in this Bill:
             16          None
             17      Other Special Clauses:
             18          None
             19      Utah Code Sections Affected:
             20      AMENDS:
             21          11-14-206, as last amended by Chapter 83, Laws of Utah 2006
             22     
             23      Be it enacted by the Legislature of the state of Utah:
             24          Section 1. Section 11-14-206 is amended to read:
             25           11-14-206. Ballots -- Submission of ballot language -- Form and contents.
             26          (1) At least 75 days before the election, the governing body shall prepare and submit to
             27      the election officer:



             28          (a) a ballot title for the bond proposition that includes the name of the local political
             29      subdivision issuing the bonds and the word "bond" or an identification of the type of bonds;
             30      and
             31          (b) a ballot proposition that meets the requirements of Subsection (2).
             32          (2) (a) The ballot proposition shall include:
             33          (i) the maximum principal amount of the bonds;
             34          (ii) the maximum number of years from the issuance of the bonds to final maturity;
             35      [and]
             36          (iii) the general purpose for which the bonds are to be issued[.]; and
             37          (iv) if issuance of the bonds will require the increase of the property tax imposed upon
             38      the average value of a residence by an amount that is greater than or equal to $15 per year, the
             39      following information in substantially the following form:
             40     
"NOTICE OF PROPERTY TAX INCREASE DUE TO BOND ISSUANCE

             41          The (name of the taxing entity) passage of the proposition means that the tax on a
             42      (insert the average value of a residence in the taxing entity rounded to the nearest
             43      thousand dollars) residence would increase from $______ to $________, which is
             44      $_______ per year.
             45          Passage of the proposition means that the tax on a (insert the value of a business having
             46      the same value as the average value of a residence in the taxing entity) business would
             47      increase from $________ to $_______, which is $______ per year."
             48          (b) The purpose of the bonds may be stated in general terms and need not specify the
             49      particular projects for which the bonds are to be issued or the specific amount of bond proceeds
             50      to be expended for each project.
             51          (c) If the bonds are to be payable in part from tax proceeds and in part from the
             52      operating revenues of the local political subdivision, or from any combination of tax proceeds
             53      and operating revenues, the bond proposition shall indicate those payment sources, but need
             54      not specify how the bonds are to be divided between those sources of payment.
             55          (d) (i) The bond proposition shall be followed by the words, "For the issuance of
             56      bonds" and "Against the issuance of bonds," with appropriate boxes in which the voter may
             57      indicate his choice.
             58          (ii) Nothing in Subsection (2)(d)(i) prohibits the addition of descriptive information


             59      about the bonds.
             60          (3) If a bond proposition is submitted to a vote on the same day as any other election
             61      held in the local political subdivision calling the bond election, the bond proposition may be
             62      combined with the candidate ballot in a manner consistent with Section 20A-6-301 ,
             63      20A-6-303 , or 20A-6-402 .
             64          (4) The ballot form shall comply with the requirements of Title 20A, Chapter 6, Ballot
             65      Form.




Legislative Review Note
    as of 1-29-07 4:38 PM


Office of Legislative Research and General Counsel


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