Constitutional debt limitation.

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  • (1) The commission may not issue bonds under this chapter in an amount that violates the limitation described in Article XIV, Section 1, Utah Constitution.
  • (2) For purposes of applying the debt limitation contained in Article XIV, Section 1, Utah Constitution, the value of the taxable property in Utah is considered to be 100% of the fair market value of the taxable property of the state, as computed from the last assessment for state purposes previous to the issuance of the bonds.




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