Utah Code Title 63B. Bonds § 63B-1a-101. Definitions--Bonds authorized--Prohibitions--Purposes--Maturity--Use of bonds proceeds

(a) “Cost” includes:

(b) “Taxable property of the state” includes all real and personal property subject to ad valorem taxation within the state, including all property subject to a fee-in lieu of tax.

(a) any one or more capital projects;  or

(b) any interest in one or more or any combination of capital projects.

(a) affirmatively authorized the issuance of the bonds;  and

(b) has specified:

(a) comply with any maturity requirements established by the Legislature;  or

(b) in the absence of any maturity requirements, establish, by resolution, a bond maturity date or dates that are not later than 15 years after the date of delivery of the bonds.

(5)(a) The commission may not issue bonds under this chapter in an amount that violates the limitation described in the Utah Constitution, Article XIV, Section 1 or payable beyond the period described in the Utah Constitution, Article XIII, Section 5(3).

(b) For purposes of applying the debt limitation contained in the Utah Constitution Article XIV, Section 1, 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 made before the issuance of the bonds.