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Utah House debates SB 122 on bond-authority transparency; bill circled for amendment
Summary
Representative McKay presented Senate Bill 122 to ensure local bond proceeds match voter-authorized amounts and to allow underwriting costs up to 2%; members debated transparency, ballooning proceeds via interest-rate manipulation, and alternatives, and ultimately circled the bill for amendment.
Representative McKay presented Senate Bill 122 as a transparency measure to ensure that local bond proceeds match the amount voters authorized, while permitting underwriting costs up to 2 percent to be added to the authorized amount. He told the House the bill is intended to prevent financing structures that let jurisdictions borrow significantly more than the figure approved by voters.
"The purpose of senate bill 1 22 is to return those bounds so that they voted authorized that the voters who…
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