Bond Indebtedness

Utah Code tit. 17, ch. 17-63, pt. 17-63-P9

in effect

Utah Code § 17-63-901 Authority and applicable procedure for issuance of bonds -- Application of proceeds -- Debt limit.

17-63-901. Authority and applicable procedure for issuance of bonds -- Application of proceeds -- Debt limit. (1) This part is adopted for the purpose of: (a) eliminating or reducing, so far as possible, the ad valorem taxes necessary to be levied for the payment of bonds; (b) improving the security of bonds; and (c) ensuring that the holders of the bonds from time to time shall have a vested and enforceable contract right in the provisions of the bond proceedings made in accordance with the provisions of this part. (2) (a) Except as otherwise provided under Section 17-60-203, the county legislative body may contract a bonded indebtedness in the manner and subject to the conditions provided under Title 11, Chapter 14, Local Government Bonding Act. (b) The revenue derived from the sale of bonds shall be applied only to the purpose or purposes specified in the order of the county legislative body. (c) If there is any surplus, the surplus shall be applied to the payment of the bonds. (3) A county may not become so indebted to an amount, including existing indebtedness, exceeding 2% of the fair market value, as defined under Section 59-2-102, of the taxable property in the county as computed from the last equalized assessment roll for county purposes before the county incurred the indebtedness. Renumbered and Amended by Chapter 13, 2025 Special Session 1

Utah Code § 17-63-902 Bond elections -- Consolidating voting districts and precincts -- Voting places.

17-63-902. Bond elections -- Consolidating voting districts and precincts -- Voting places. The county legislative body may in any bond election consolidate voting districts and precincts and may select for the purposes of such election any voting places which the legislative body considers desirable, without regard to regularly established voting precincts and voting places. Renumbered and Amended by Chapter 13, 2025 Special Session 1

Utah Code § 17-63-903 Additional purposes for which bonds may be issued -- Joint ownership of facilities authorized.

17-63-903. Additional purposes for which bonds may be issued -- Joint ownership of facilities authorized. (1) In addition to other purposes for which bonds may be issued, bonds may be issued for the purpose of: (a) acquiring, improving or extending systems for the collection, retention and disposition of storm and flood waters; (b) acquiring, improving, or extending public libraries, including procuring equipment, furnishings, and books ; (c) acquiring or improving facilities for the collection, disposal, or incineration of garbage and trash; (d) acquiring, improving, extending, furnishing, and equipping auditoriums, sports arenas, stadiums, convention centers, and all properties and facilities ordinarily forming part of a so-called convention complex, or any part of a convention complex; and (e) acquiring, improving, extending, furnishing, or equipping any improvement or facility which the county is authorized by law to own. (2) (a) Bonds may be issued for the county's share of any facility described in Subsection (1) to be owned jointly with any municipality or taxing district in the county. (b) Joint ownership of a facility between a county and any municipality or taxing district in the county, as described in Subsection (2)(a), is expressly authorized. Renumbered and Amended by Chapter 13, 2025 Special Session 1

Utah Code § 17-63-904 Bond issue for certain facilities -- Board of directors -- Use of revenues from facilities -- Rights of bondholders.

17-63-904. Bond issue for certain facilities -- Board of directors -- Use of revenues from facilities -- Rights of bondholders. (1) (a) A county legislative body adopting proceedings authorizing the issuance of county bonds for the purpose of acquiring, improving, extending, furnishing, and equipping auditoriums, sports arenas, stadiums, convention centers, and all properties and facilities ordinarily forming part of a so-called "convention complex," or for any part or combination of the foregoing may, by resolution, provide for the creation of a board of directors which, if any of the bonds remain outstanding either in original or refunded form, may: (i) have complete management and control of the facilities acquired with the proceeds of the bonds; or (ii) act as an advisory board to the county executive and legislative body regarding the management and operation of a property or facility described in this Subsection (1)(a). (b) (i) The board of directors described in Subsection (1)(a) shall have the number of members, possessing such qualifications and selected for such terms, and shall operate in accordance with such rules and regulations as adopted by the county legislative body. (ii) The members of the board of directors described in Subsection (1)(a) shall serve without compensation except for reimbursement of expenses actually incurred in the performance of their duties. (iii) After the appointment and organization of the board of directors, all vacancies thereafter occurring, whether by expiration of term or otherwise, shall be filled by majority vote of the remaining members of the board. (iv) Subject to provisions adopted by the county legislative body, the members of the board of directors may have the powers and duties ordinarily enjoyed by the directors of a private corporation operating similar facilities. (2) A county legislative body that adopts proceedings for the purpose of and as described in Subsection (1)(a) shall provide that all revenues of every nature derived from the operation of the facilities so acquired with bond proceeds and not expended in the reasonable and proper costs of maintaining and operating the facilities, including the making of necessary repairs and replacements, be pledged to and utilized for the payment of principal of and interest on the bonds and, if so provided, the creation of a reserve for such purpose. Renumbered and Amended by Chapter 13, 2025 Special Session 1

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title17/Chapter63/17-63-P9.html?v=C17-63-P9_2025110620251206Fetched: 10/26/2026