For Investors

Legal Disclaimer

You are viewing web pages that contain Official Disclosure for bonds issued by the State of Utah and the State Building Ownership Authority. The documents available on these pages set forth information as of their respective dates. The posting of these documents or other information on these web pages does not imply that there has been no change in the affairs of the State of Utah since the date of posting such information. These pages are part of a larger Utah State Treasurer’s website; however, other elements of the State Treasurer’s website are specifically excluded and are not part of these specific web pages containing official disclosure and should not be relied upon in that respect. The State of Utah disclaims any responsibility or liability for any damages caused by viruses contained within the files on these web pages. Finally, information on these web pages is not an offer to sell securities or the solicitation of an offer to buy securities. In addition, there shall be no sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.


These Investor Information pages provide detailed information about Utah for purchasers of the state’s bonds in the primary and secondary markets and to notify the public of any current or upcoming bond issues of the State of Utah.

The information contained herein includes economic, budget and disclosure data, as well as periodic revenue updates, the State’s Comprehensive Annual Financial Report (CAFR), Continuing Disclosure Memoranda, and bond issue offering documents.

The Utah State Treasurer is responsible for the efficient and effective issuance of debt authorized by the state’s legislature to:

    • Market the state’s debt at appropriate times to match the construction cash flow requirements of transportation and building projects;
    • Structure the state’s debt to minimize overall borrowing costs while optimizing the investment of cash proceeds from the state’s borrowings;
    • Market the state’s debt in such a manner as to maximize investor participation and access to the state’s bonds;
    • Periodically and effectively present and disclose the state’s economic and financial condition to investors and rating agencies;
    • Ensure the state’s compliance with Securities and Exchange Commission, Internal Revenue Service, Municipal Securities Rulemaking Board, and other applicable rules and regulations concerning the issuance and disclosure of bonds;
    • Prepare, review and disseminate offering documents such as Preliminary Official Statements and Official Statements related to the sale of the state’s bonds;
    • Ensure the timely repayment of the principal and interest on the state’s debt obligations; and
    • Assure the state’s compliance with the terms and conditions of legal documents which govern the state’s debt once issued.

The State Bonding Commission and Utah’s General Obligation Bonds

Created in 1982, the State Bonding Commission (the “Commission) is composed of the governor (or governor’s designee), the state treasurer and a third at-large member from a political party different from that of the governor.

The Commission establishes the basic conditions under which GO bonds may be issued and provides final approval for their issuance. The state’s GO bonds, which are supported by a pledge of the full faith, credit, and resources of the state for repayment, are issued to provide funding for various transportation and building projects within the state. Utah's GO bonds have been assigned the highest credit rating by Moody’s Investors Service, Inc. (Aaa), S&P Global (AAA) and Fitch Ratings, Inc. (AAA).

The Commission authorizes and approves the issuance of GO refunding bonds to refinance state debt when appropriate to reduce interest costs associated with outstanding GO bonds.

State Finance Review Commission

During the 2022 General Legislative Session, the legislature passed House Bill 82 – State Finance Review Commission, which establishes a new commission of State officials to oversee the borrowing and lending activities of the State, including State agencies and borrowing political subdivisions of the State.

Debt Affordability Study

House Bill 82 also requires the Office of State Treasurer to publish an annual Debt Affordability Study on or before November 1 of each year.

The Debt Affordability Study is intended to inform the legislature, investors, rating agencies, and Utahns on the State’s outstanding tax-supported debt obligations, debt practices, and perspectives of the state treasurer on the prudent use of debt. It does not, however, constrain or compel policymakers in any way. The study does not overly focus on the legal constraints on debt. Focusing on constitutional or statutory debt limits is akin to focusing on the credit card limit in one’s personal finance, which is not the best way to manage either a state or a personal budget. The study instead uses comparison data from other states, best practices of the three major credit rating services, and strategic ideas to provide informed perspectives on the reasonable use of debt. The intent is to aid legislators in making critical decisions regarding the authorization of new debt and the funding of long-term liabilities.  The authors hope this study will assist in maintaining Utah’s legacy of conservative debt use, while also being pragmatic about the critical role of debt in the important development activities that will continue to facilitate Utah’s robust and growing economy.

The Debt Affordability Study is limited to the tax-supported debt of the State and State agencies. This includes both General Obligation (GO) debt as well as lease-revenue bonds issued through the State Building Ownership Authority. The study also contemplates long-term liabilities of the State, such as pension, Other Postemployment Benefit Plan (OPEB) obligations, and annual leave, but does not contemplate debt-incurring activities of local municipalities nor any affiliated bonding political subdivisions of the State, such as Point of the Mountain State Land Authority, Inland Port Authority, Utah Lake Authority, or the Military Installation Development Authority.

Debt Affordability Study