Section 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