Section 704 – Transfers from local entity funds to replenish guaranty fund or reserve fund.
11-42-704. Transfers from local entity funds to replenish guaranty fund or reserve fund. If the guaranty fund or, if applicable, the reserve fund has insufficient money for the local entity to purchase property on which it bids at a sale under Part 5, Assessment Liens, for delinquent assessments, the local entity may transfer or appropriate […]
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 […]
Section 506 – Release and discharge of assessment lien — Notice of dissolution of assessment area.
11-42-506. Release and discharge of assessment lien — Notice of dissolution of assessment area. (1) (a) Upon an assessment on a parcel of property having been paid in full, the local entity shall file, in the office of the recorder of the county in which the property is located, a release and discharge of the […]
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, […]