Download Zipped Amended WordPerfect HB0175.ZIP
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]

H.B. 175

This document includes House Committee Amendments incorporated into the bill on Fri, Mar 8, 2013 at 1:57 PM by jeyring. -->              1     





Chief Sponsor: John Knotwell

Senate Sponsor: Deidre M. Henderson

             8      LONG TITLE
             9      General Description:
             10          This bill amends requirements relating to a local political subdivision providing notice
             11      relating to the issuance of bonds.
             12      Highlighted Provisions:
             13          This bill:
             14          .    requires additional information in a notice of bonds to be issued; and
             15          .    requires that, when a local political subdivision provides notice of the local political
             16      subdivision's intent to issue bonds, the notice shall include a copy of:
             17              .    the resolution or other proceeding that provides for the issuance of bonds; or    
             18              .    a notice of bonds to be issued.
             19      Money Appropriated in this Bill:
             20          None
             21      Other Special Clauses:
             22          None
             23      Utah Code Sections Affected:
             24      AMENDS:
             25          11-14-316, as last amended by Laws of Utah 2011, Chapter 145
             26      H. [     11-14-318, as last amended by Laws of Utah 2009, First Special Session, Chapter 5 ] .H

             28      Be it enacted by the Legislature of the state of Utah:
             29          Section 1. Section 11-14-316 is amended to read:
             30           11-14-316. Publication of notice, resolution, or other proceeding -- Contest.
             31          (1) The governing body of any local political subdivision may provide for the
             32      publication of any resolution or other proceeding adopted under this chapter:
             33          (a) in a newspaper having general circulation in the local political subdivision; and
             34          (b) as required in Section 45-1-101 .
             35          (2) When [publication involves] a resolution or other proceeding [providing] provides
             36      for the issuance of bonds, the governing body may, in lieu of publishing the entire resolution or
             37      other proceeding, publish a notice of bonds to be issued, titled as such, containing:
             38          (a) the name of the issuer;
             39          (b) the purpose of the issue;
             40          (c) the type of bonds and the maximum principal amount which may be issued;
             41          (d) the maximum number of years over which the bonds may mature;
             42          (e) the maximum interest rate which the bonds may bear, if any;
             43          (f) the maximum discount from par, expressed as a percentage of principal amount, at
             44      which the bonds may be sold;
             45          (g) a general description of the security pledged for repayment of the bonds; [and]
             46           H. [ (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

             49a          (h) the total par amount of bonds currently outstanding that are secured by the same
             49b      pledge of revenues as the proposed bonds, if any;
             49c          (i) information on a method by which an individual may obtain access to more detailed
             49d      information relating to the outstanding bonds of the local political subdivision;
             49e          (j) the estimated total cost to the local political subdivision for the proposed bonds if the
             49f      bonds are held until maturity, based on interest rates in effect at the time that the local
             49g      political subdivision publishes the notice; and .H
             50          [(h)] H. [ (j) ] (k) .H the times and place where a copy of the resolution or other
             50a      proceeding may be
             51      examined, which shall be:
             52          (i) at an office of the issuer[; (ii)] identified in the notice[; (iii)], during regular
             53      business hours of the issuer as described in the notice; and
             54          [(iv)] (ii) for a period of at least 30 days after the publication of the notice.
             55          (3) For a period of 30 days after the publication, any person in interest may contest:
             56          (a) the legality of such resolution or proceeding;
             57          (b) any bonds which may be authorized by such resolution or proceeding; or
             58          (c) any provisions made for the security and payment of the bonds.

             59          (4) A person shall contest the matters set forth in Subsection (3) by filing a verified
             60      written complaint in the district court of the county in which he resides within the 30-day
             61      period.
             62          (5) After the 30-day period, no person may contest the regularity, formality, or legality
             63      of the resolution or proceeding for any reason.
             64           H. [ 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).
] .H

Legislative Review Note
    as of 3-5-13 9:58 AM

Office of Legislative Research and General Counsel

[Bill Documents][Bills Directory]