53G-4-804. Fiscal solvency of school districts — Duties of state treasurer and attorney general.
(1) |
The state superintendent shall:
Terms Used In Utah Code 53G-4-804- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a) |
monitor the financial affairs and condition of each local school board in the state to evaluate each local school board’s financial solvency; and |
(b) |
report immediately to the governor and state treasurer any circumstances suggesting that a school district will be unable to timely meet its debt service obligations and recommend a course of remedial action. |
|
(2) |
(a) |
The state treasurer shall determine whether the financial affairs and condition of a local school board are such that it would be imprudent for the state to guarantee the bonds of that local school board. |
(b) |
If the state treasurer determines that the state should not guarantee the bonds of that local school board, the state treasurer shall:
(i) |
prepare a determination of ineligibility; and |
(ii) |
keep it on file in the office of the state treasurer. |
|
(c) |
The state treasurer may remove a local school board from the status of ineligibility when a subsequent report or other information made available to the state treasurer evidences that it is no longer imprudent for the state to guarantee the bonds of that local school board. |
|
(3) |
Nothing in this section affects the state’s guaranty of bonds of a local school board issued:
(a) |
before determination of ineligibility; |
(b) |
after the eligibility of the local school board is restored; or |
(c) |
under a certificate of eligibility issued under Section 53G-4-803. |
|
Amended by Chapter 293, 2019 General Session