House of Representatives
State of Utah
UTAH STATE CAPITOL COMPLEX . 350 STATE CAPITOL
Figure
Graphic file number 0 named letter~1.jpg with height 78 p and width 81 p Left aligned
P.O. BOX 145030 . SALT LAKE CITY, UTAH 84114-5030 . (801) 538-1029
March 7, 2013
Madam Speaker:
The Natural Resources, Agriculture, and Environment Committee reports a favorable
recommendation on H.B. 175, LOCAL POLITICAL SUBDIVISION BONDING NOTICE
REQUIREMENTS, by Representative J. Knotwell, with the following amendments and recommends it be
placed on the Consent Calendar.
1. Page
1, Line 26
:
26
{
11-14-318, as last amended by Laws of Utah 2009, First Special Session,
Chapter 5
}
2. Page
2, Lines 46 through 50
:
46
{
(h) detailed information on the debt liability owed by the local political
subdivision on
47
the day on which the governing body approved issuance of the bonds;
48
(i) the estimated total cost to the political subdivision for the bonds if the bonds
are
49
held until maturity, including principal, interest, and insurance costs; and
(h) the total par amount of bonds currently outstanding that are secured by
the same pledge of revenues as the proposed bonds, if any;
(i) information on a method by which an individual may obtain access to more
detailed information relating to the outstanding bonds of the local political
subdivision;
(j) the estimated total cost to the local political subdivision for the proposed bonds if
the bonds are held until maturity, based on interest rates in effect at the time that
the local political subdivision publishes the notice; and
50
[(h)]
{
(j)
}
(k)
the times and place where a copy of the resolution or other
proceeding may be
3. Page
3, Line 64 through Page 4, Line 98
:
64
{
Section 2.
Section
11-14-318
is amended to read:
65
11-14-318. Public hearing required -- Notice.
66
(1) Before issuing bonds authorized under this chapter, a local political
subdivision
67
shall:
68
(a) in accordance with Subsection (2), provide public notice of the local political
69
subdivision's intent to issue bonds; [and]
70
(b) include, with the public notice described in Subsection (1)(a):
71
(i) a copy of the resolution or other proceeding that provides for the issuance of
bonds;
72
or
73
(ii) a notice of bonds to be issued, described in Subsection
11-14-316
(2); and
74
[(b)] (c) hold a public hearing:
75
(i) if an election is required under this chapter:
76
(A) no sooner than 30 days before the day on which the notice of election is
published
77
under Section
11-14-202
; and
78
(B) no later than five business days before the day on which the notice of
election is
79
published under Section
11-14-202
; and
80
(ii) to receive input from the public with respect to:
81
(A) the issuance of the bonds; and
82
(B) the potential economic impact that the improvement, facility, or property
for which
83
the bonds pay all or part of the cost will have on the private sector.
84
(2) A local political subdivision shall:
85
(a) publish the notice required by Subsection (1)(a):
86
(i) once each week for two consecutive weeks in the official newspaper
described in
87
Section
11-14-316
with the first publication being not less than 14 days before the
public
88
hearing required by Subsection (1)[(b)](c); and
89
(ii) on the Utah Public Notice Website, created under Section
63F-1-701
, no less
than
90
14 days before the public hearing required by Subsection (1)[(b)](c); and
91
(b) ensure that the notice:
92
(i) identifies:
93
(A) the purpose for the issuance of the bonds;
94
(B) the maximum principal amount of the bonds to be issued;
95
(C) the taxes, if any, proposed to be pledged for repayment of the bonds; and
96
(D) the time, place, and location of the public hearing; and
97
(ii) informs the public that the public hearing will be held for the purposes
described in
98
Subsection (1)[(b)](c)(ii).
}
Respectfully,
Michael E. Noel
Committee Chair
Voting: 13-0-3
4 HB0175.HC1.wpd 3/7/13 7:07 pm ballred/JBA TRV/ALH
Bill NumberAction Class
Action Code
*HB0175**H*
*HCRAMDCON*
HB0175H