Show Impartial Analysis (continued) r tiare aasumptinn of "to or any part thereof of any or school dmricf" Article XIII Section 1 xrny tify r r ihils rhe 1 egjslature fh iffi iTipi sing “la tes f iT ihe purpi e uty county ary town orother municipal corporation ‘rtule XIV Section I pruhihus rhe state from contracting in of fone and raw halfpenew imlehtednew i: valite of the taxable property of ihe Sfaie I If ihe participating si hxif district ihreairns tu ilefmli tin urn lor ns scheduled fl:ha servue payment ihe stain ihe state guaraniy shall Transfer sufficient monies to pay ihe lender on time If rhe state treasurer uiiliex stain monies in avoid default Ihe stale treasurer must pursue reiiiihiir’inerif hy mieriepiingany payments from ihe Uniform 'n Nml f und and fnari any other operaimg nvaiiet provulejl hy ihe state in that sihrinl district These miemepted f uni Is reimhurv ihr state for pa yirieni-- i miule uniter ihe stale's guiram y plu inmr est and any penaliiesdue from ihai sihrnl disirn t (I ihese in tercepted funils are maileiitie to reimburse ihe aaie nhin imn against fine year rhe state treasurer must pur me legal lhaf Sflv I I district irkluding a Court onter lhal Ihe v fomi dis inot levy a profierry rax to pay hack Ihe money exi-ev- s I!- i rhe Mate's full faiih and oreilir and unlimiierl ia mg power is pleilged to guarantee payment of principal and imerra fin ! vhuol disirn t general rihligation bonds issui-- or uriiler the program er -- i Propnwnd Chtcgn l kunpliMM Uk fxmititiitirxMl frriftibitiMM Thu proposal provides an exemption to the provision is nsr lending public credit assuming debt of school and imposing raxes for local government purposes ft o exempts rhix form of dehi from rhe state's flrhr ceiling dis-iric- a: I! y State Guaranty Program Thu proposal permits rhe riaie ifi insuime a guaranty pro ilestgned to lower rhe schcil district's borrowing errst increasing rhecertamry of in vestor ihat debts will he paid If ihe slate ities nut have enraigh rrmnies (o mike ihe debt service payment uniter its guaranty ihe stale treasurer may seek a loan from ihe permanent School Pund The pund n'lmeandmfull Thi proposal speii fi ally perron rhe ware of schix1 di jrici t anl 10 guarantee ihe debt the guarantee The state's j'i--i imurred to refmame school dunct tehi 10 hondxof districts fir issued chool ies :iriniy only appt after ihe January I effective date 1 to priivule ha: loan minisrraiors may itvose Alternative! y the siaie ireasurer may issue general obligation notes If ihere are srdl not sufficient revenues lo pay off ‘hose Di xes ihe State Tax Gommiwion iriusi set ilv rale anil levy an whether fir r7 ( Payment b y the State and (reimbursement by the Participating Srhool ftistrirt rnX I id valorem property tax on all laxahle real ami y in ihe state lo miver these mxes If the state pant for a school diaper's ijehi under its guar y th prtiposal permi' : ihe Tegi datum fo provkle f r rei the state from rnomet which mherwise wxild he ii'd ffir the support of ediaaiKnal pr grams of that SctVol filfwtivr prop-er- i lull PrfipriSiigir 4 lakes cffeit January tuiOit fxtr-xini- l I I '7 f iarat Impart legislation Mfertive on Passage of Proposition 4 lower i merest mists for s xl new and refinamed giTierii fihl yiiioTi Iva’iils general hx riled iw loneliness m ttr Presently sitaxd t fhe piXentii' state's Vi Si lvxt ill xr U isov'r Tisi af impair on fhc state will he ihe o 'is ami cams isv iaii-iih the state's g aranteemg sitvx1 disirn i drht igamsi de Pr ftord G aram y Ar IW fenerai ft M Utah Jar iary I IVYJ only if Proposi on hecfime law will viin 'ai’i I ri approved c ft M imates a ilefaui: avoidance are ’reasurer who deier-:vivwhich is administered hy rior w h eiigihi ir y of eaih cnoul distrct upi at m re aiie 'lipenrierukni of porlio msir aiiir Umler ft f fifi Yti pro-gri- ri s l ipf Ait ififl 4 null likely disirutt -- niiai fault T I |