2.0120.03 VOTING TO INCUR BONDED INDEBTEDNESS Issue date: 01/03/19 CAB
The Board may in conformance with the Utah Local Government Bonding Act require, by a majority vote of the Board members, that the qualified voters of the District vote on a proposition as to whether to incur indebtedness by bonding, provided that: 1. The debts of the District are equal to school taxes and other estimated revenues for the school year and additional indebtedness must be incurred by the District to maintain and support schools in the District; or 2. The Board determines that it is advisable to issue school district bonds to purchase school sites, buildings or furnishings or to improve school district property. Utah Code § 53G-4-603(2) (2018) Utah Code § 11-14-101 et seq. (2005) Before a bond approval measure may be submitted to the voters, the Board must comply with the requirements of the Transparency in Ballot Propositions Act, including publication of arguments for and against the bond issue and holding a public meeting on the measure as required by the Act.
Utah Code § 11-14-201(1)(b) (2014) Utah Code § 59-1-1601 et seq. (2014)
2.0120.04 RESTRICTION ON USE OF BOND FUNDS Issue date: 01/03/19 CAB
The proceeds of bond issuances must be used in accordance with the plan of finance specified in the bond election voter information pamphlet or in accordance with the plan of finance as adjusted by the Board of Education. Such adjustment may only be made upon a determination of compelling circumstances and with a two-thirds majority approval of the Board of Education. Utah Code § 53G-4-603(4), (5) (2018)
2.0120.05 REFUNDING BONDS Issue date: 01/03/19 CAB
If the Board determines that it desires to refund bonds, it shall follow the following procedure to determine the validity of the bond or bonds: 1. The Board shall have published once a week for two successive weeks in a newspaper published in the District, and give as required by Utah Code § 45-1-101, and post for two successive weeks in three public and conspicuous places in the District, a notice which satisfies the following requirements: a. It describes with sufficient particularity for identification the bond or bonds intended to be refunded.
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