63J-3-402. Debt limitation -- Vote requirement needed to exceed limitation -- Exceptions.
(1)
(a) Except as provided in Subsection (1)(b), the outstanding general obligation debt of the state may not exceed 45% of the maximum allowable appropriations limit unless approved by more than a two-thirds vote of both houses of the Legislature.
(b) Notwithstanding the limitation contained in Subsection (1)(a), debt issued under the authority of the following parts or sections is not subject to the debt limitation established by this section:
(i) Title 63B, Chapter 6, Part 2, 1997 Highway General Obligation Bond Authorization;
(ii) Title 63B, Chapter 6, Part 3, 1997 Highway Bond Anticipation Note Authorization;
(iii) Title 63B, Chapter 7, Part 2, 1998 Highway General Obligation Bond Authorization;
(iv) Title 63B, Chapter 7, Part 3, 1998 Highway Bond Anticipation Note Authorization;
(v) Title 63B, Chapter 8, Part 2, 1999 Highway General Obligation Bond Authorization;
(vi) Title 63B, Chapter 8, Part 3, 1999 Highway Bond Anticipation Note Authorization;
(vii) Title 63B, Chapter 10, Part 1, 2001 Highway General Obligation Bonds;
(viii) Title 63B, Chapter 10, Part 2, 2001 Highway General Obligation Bond Anticipation Notes Authorization;
(ix) Title 63B, Chapter 11, Part 5, 2002 Highway General Obligation Bonds for Salt Lake County;
(x) Title 63B, Chapter 11, Part 6, 2002 Highway General Obligation Bond Anticipation Notes for Salt Lake County;
(xi) Section 63B-13-102;
(xii) Section 63B-16-101;
(xiii) Section 63B-16-102;
(xiv) Section 63B-18-401;
(xv) Section 63B-18-402; and
(xvi) Title 63B, Chapter 27, Part 1, 2017 Highway General Obligation Bonds.
(2) This section does not apply if contractual rights will be impaired.
Amended by Chapter 64, 2021 General Session
