H.B. 203

1

REVENUE STREAMS AS BOND COLLATERAL
2 2013 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: Keith Grover
5 Senate Sponsor: ____________
6
7 LONG TITLE
8 General Description:
9 This bill enacts a provision in the Local Government Bonding Act relating to revenue
10 sources to repay bonds.
11 Highlighted Provisions:
12 This bill:
13 . prohibits the governing body of a local political subdivision from repaying a bond
14 with a revenue source not specified in the bond when it was issued.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 ENACTS:
21 11-14-104, Utah Code Annotated 1953
22
23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 11-14-104 is enacted to read:
25 11-14-104. Bond repayment revenue sources -- Prohibition.
26 The governing body of a local political subdivision may not repay a bond issued on or
27 after May 14, 2013 from a revenue source not specified in the bond at the time the bond was

28 issued.




Legislative Review Note
as of 2-7-13 11:51 AM

Office of Legislative Research and General Counsel

[Bill Documents]