Section 705 – Warrants to meet guaranty fund and reserve fund liabilities — Levy to pay warrants authorized — Limit on the levy.
11-42-705. Warrants to meet guaranty fund and reserve fund liabilities — Levy to pay warrants authorized — Limit on the levy. (1) A local entity may issue warrants, bearing interest at a rate determined by the governing body, against a guaranty fund or reserve fund to meet any financial liabilities accruing against the fund. (2) […]
Section 601 – Interim warrants.
11-42-601. Interim warrants. (1) A local entity may issue interim warrants against an assessment area. (2) An interim warrant may be in any amount up to: (a) as portions of the work on improvements in an assessment area are completed, 90% of the value of the completed work, as estimated by the local entity’s project […]
Section 602 – Bond anticipation notes.
11-42-602. Bond anticipation notes. (1) A local entity may by resolution authorize the issuance of bond anticipation notes. (2) A local entity may use the proceeds from the issuance of bond anticipation notes to pay: (a) the estimated acquisition and contract price; (b) the property price; (c) capitalized interest; and (d) related costs, including overhead […]
Section 603 – Sources of payment for interim warrants and bond anticipation notes.
11-42-603. Sources of payment for interim warrants and bond anticipation notes. Each local entity that has issued interim warrants or bond anticipation notes shall pay the warrants or notes from: (1) proceeds from the sale of assessment bonds; (2) cash the local entity receives from the payment for improvements; (3) assessments; (4) improvement revenues that […]
Section 604 – Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes.
Effective 5/13/2014 11-42-604. Notice regarding resolution or ordinance authorizing interim warrants or bond anticipation notes — Complaint contesting warrants or notes — Prohibition against contesting warrants and notes. (1) A local entity may publish notice, as provided in Subsection (2), of a resolution or ordinance that the governing body has adopted authorizing the issuance of […]
Section 502 – Enforcement of an assessment lien — Pre-May 10, 2016, procedure.
Effective 5/8/2018 11-42-502. Enforcement of an assessment lien — Pre-May 10, 2016, procedure. (1) The provisions of this section apply to any property that is: (a) (i) located within the boundaries of an assessment area; and (ii) the subject of a foreclosure procedure initiated before May 10, 2016, for an assessment or an installment of […]
Section 502.1 – Enforcement of an assessment lien — Post-May 10, 2016, procedure.
Effective 3/28/2020 11-42-502.1. Enforcement of an assessment lien — Post-May 10, 2016, procedure. (1) (a) Except as provided in Subsection (1)(b), the provisions of this section apply to any property that is: (i) located within the boundaries of an assessment area; and (ii) the subject of a foreclosure procedure initiated on or after May 10, […]
Section 503 – Local entity payments to avoid a default in local entity obligations — Reimbursement of payments when property sold at tax or foreclosure sale.
11-42-503. Local entity payments to avoid a default in local entity obligations — Reimbursement of payments when property sold at tax or foreclosure sale. (1) To avoid a default in the payment of outstanding local entity obligations, a local entity may pay: (a) the delinquent amount due, plus interest, penalties, and costs; (b) the amounts […]
Section 504 – Assessments on property that the local entity acquires at tax sale or foreclosure — Transferring title of property in lieu of paying assessments — Reimbursement.
Effective 5/12/2015 11-42-504. Assessments on property that the local entity acquires at tax sale or foreclosure — Transferring title of property in lieu of paying assessments — Reimbursement. (1) (a) Each local entity that purchases property at a tax sale or foreclosure under this part shall pay into the assessment fund all applicable annual installments […]
Section 505 – Default in the payment of an installment of an assessment — Interest and costs — Restoring the property owner to the right to pay installments.
11-42-505. Default in the payment of an installment of an assessment — Interest and costs — Restoring the property owner to the right to pay installments. (1) If an assessment is payable in installments and a default occurs in the payment of an installment when due, the governing body may: (a) declare the delinquent amount […]