A local school board may borrow money in anticipation of the collection of taxes or other revenue of the school district so long as it complies with Title 11, Chapter 14, Local Government Bonding Act. The board may incur indebtedness under this section (53A-18-101) for any purpose for which district funds may be expended, but not in excess of the estimated district revenues for the current school year.
Revenues include all revenues of the district from the state or any other source. The district may incur the indebtedness prior to imposing or collecting the taxes or receiving the revenues. The indebtedness bears interest at the lowest obtainable rate or rates.
A local school board may require the qualified electors of the district to vote on a proposition as to whether to incur indebtedness, subject to conditions provided in Title 11, Chapter 14, Local Government Bonding Act, under the following circumstances:
- if the debts of the district are equal to school taxes and other estimated revenues for the school year, and it is necessary to create and incur additional indebtedness in order to maintain and support schools within the district; or
- the local school board determines it advisable to issue school district bonds to purchase school sites, buildings, or furnishings or to improve existing school property.
- Debt Analysis/Financial Stability. This document shows the financial stability of school districts under the Utah Bond Guarantee Act.
- History of School District Capital Facilities Bonding (1992-2012). This document displays a history of capital facilities bonding of school districts from 1992 through 2012 and whether or not the bond election passed.
For questions regarding the information on this page, please contact cathy [dot] dudley [at] schools [dot] utah [dot] gov (Cathy Dudley), MSP Budget and Property Tax Specialist, Phone: (801) 538-7667 or Fax: (801) 538-7729.