Fiscal review -- Repeal, amendment, or resubmission.
Checkout our iOS App for a better way to browser and research.
(1) No later than 60 days after the date of an election in which the voters approve an initiative petition, the budget officer shall:
(a) for each initiative approved by the voters, prepare a final fiscal impact statement, using current financial information and containing the information required by Subsection 20A-7-502.5(2), except for the information required by Subsection 20A-7-502.5(2)(a)(vii); and
(b) deliver a copy of the final fiscal impact statement to:
(i) the local legislative body of the jurisdiction where the initiative was circulated;
(ii) the local clerk; and
(iii) the first three sponsors listed on the initiative application.
(2) If the final fiscal impact statement exceeds the initial fiscal impact estimate by 25% or more, the local legislative body shall review the final fiscal impact statement and may, by a majority vote:
(a) repeal the law established by passage of the initiative;
(b) amend the law established by the passage of the initiative; or
(c) pass a resolution informing the voters that they may file an initiative petition to repeal the law enacted by the passage of the initiative.