Terms Used In Utah Code 17-12-1

• Contract: A legal written agreement that becomes binding when signed.
• County legislative body: means :Utah Code 68-3-12.5
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Legislative: when used to describe the powers, duties, or functions of a county commission or council, refers to:

  (a)	the power and duty to enact ordinances, levy taxes, and establish budgets; and

  (b)

  those powers, duties, and functions that, under constitutional and statutory provisions and through long usage and accepted practice and custom at the federal and state level, have come to be regarded as belonging to the legislative branch of government. See Utah Code 17-50-101 Property: includes both real and personal property. See Utah Code 68-3-12.5      Except as otherwise provided under Section 17-50-303, the county legislative body may contract a bonded indebtedness in the manner and subject to the conditions provided under Title 11, Chapter 14, Local Government Bonding Act. The revenue derived from the sale of bonds shall be applied only to the purpose or purposes specified in the order of the county legislative body. If there is any surplus, it shall be applied to the payment of the bonds. In no event may any county become so indebted to an amount, including existing indebtedness, exceeding 2% of the fair market value, as defined under Section 59-2-102, of the taxable property in the county as computed from the last equalized assessment roll for county purposes prior to the incurring of the indebtedness. Amended by Chapter 105, 2005 General Session   Previous section Next section    Chapter 12 Contents