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Utah House narrows bond rules in amended HB401 after heated debate over revenue bonds
Summary
The House passed an amended Substitute House Bill 401 that brings certain revenue bonds and general obligation bonds under a 20% statutory limit, after members debated whether the change would hinder projects or force long-term fiscal discipline. Key amendments split the chamber.
SALT LAKE CITY — The Utah House of Representatives on Feb. 26 passed a revised Substitute House Bill 401 that folds certain revenue bonds into the same statutory 20%-of-appropriations limit that already applies to general obligation (GO) bonds, a change supporters said will force the Legislature to confront total indebtedness.
Sponsor Representative Olson told colleagues a handout reviewed trends showing GO bonds had fallen since 1991 while revenue bonds had risen since 1993 and were “replacing GO bonds and it's costing the state money.” He said the revenue-bond provision in the substitute bill is written to take effect in 1998 so the Legislature can examine bonding as a single package and not be immediately constrained this year. “Restraint on government is good,” Olson said.
Opponents and amendment…
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