No general obligation refunding bonds of the state may be issued under this chapter,
(1) the tax provided in Section 11-27-3.5 is sufficient to pay annual interest and to pay the principal of the refunding bonds
within 20 years from the final passage of the law authorizing the bonds to be refunded
(2) the legislature has approved the issuance of general obligation refunding bonds
and provided for levying a tax annually, sufficient to pay the annual interest and
to pay the principal of the general obligation refunding bonds within 20 years from
the final passage of the law approving the refunding bonds as provided in Article
XIII, Sec. 2(11), Utah Constitution.
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