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H.J.R. 12

This document includes House Committee Amendments incorporated into the bill on Wed, Feb 20, 2008 at 1:54 PM by jeyring. -->              1     

JOINT RESOLUTION AMENDING THE UTAH

             2     
CONSTITUTION - STOCK H. AND BOND .H SUBSCRIPTIONS

             3     
2008 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Chief Sponsor: David Clark

             6     
Senate Sponsor: Lyle W. Hillyard

             7     
             8      LONG TITLE
             9      General Description:
             10          This joint resolution of the Legislature proposes to amend the Utah Constitution to
             11      amend a provision relating to the subscription to stock H. or bonds .H .
             12      Highlighted Provisions:
             13          This resolution proposes to amend the Utah Constitution to:
             14          .    authorize the state to subscribe to stock H. or bonds .H using funds in the
             14a      permanent State School
             15      Fund and funds derived from federal land grants designated in the Enabling Act,
             16      except as limited by statute.
             17      Special Clauses:
             18          This resolution directs the lieutenant governor to submit this proposal to voters.
             19          This resolution provides a contingent effective date of January 1, 2009 for this proposal.
             20      Utah Constitution Sections Affected:
             21      AMENDS:
             22          ARTICLE VI, SECTION 29
             23     
             24      Be it resolved by the Legislature of the state of Utah, two-thirds of all members elected to each
             25      of the two houses voting in favor thereof:
             26          Section 1. It is proposed to amend Utah Constitution Article VI, Section 29, to read:
             27           Article VI, Section 29. [Lending public credit and subscribing to stock or bonds


             28      forbidden -- Exceptions.]
             29          (1) Neither the State nor any county, city, town, school district, or other political
             30      subdivision of the State may lend its credit or, except as provided in [Subsection] Subsections
             31      (2) and (3), subscribe to stock or bonds in aid of any private individual or corporate enterprise
             32      or undertaking.
             33          (2) Except as otherwise provided by statute, the State or a public institution of
             34      post-secondary education may acquire an equity interest in a private business entity as
             35      consideration for the sale, license, or other transfer to the private business entity of intellectual
             36      property developed in whole or in part by the State or the public institution of post-secondary
             37      education, and may hold or dispose of the equity interest.
             38          (3) Except as limited by statute, the State may subscribe to stock H. or bonds .H with:
             39          (a) funds in the permanent State School Fund established in Article X, Section 5; and
             40          (b) funds derived from federal land grants designated in Sections 8 and 12 of the
             41      Enabling Act of the State.
             42          Section 2. Submittal to voters.
             43          The lieutenant governor is directed to submit this proposed amendment to the voters of
             44      the state at the next regular general election in the manner provided by law.
             45          Section 3. Effective date.
             46          If the amendment proposed by this joint resolution is approved by a majority of those
             47      voting on it at the next regular general election, the amendment shall take effect on January 1,
             48      2009.




Legislative Review Note
    as of 2-5-08 5:10 PM


Office of Legislative Research and General Counsel


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