Section 503 – Use of municipal services revenue.
63H-1-503. Use of municipal services revenue. (1) The authority may use municipal services revenue to pay for: (a) administrative, overhead, legal, and other operating expenses of the authority; and (b) municipal services within the project area from which the revenue was collected. (2) Unless otherwise provided by agreement between the authority and each county and […]
Section 504 – Authority funds nonlapsing.
63H-1-504. Authority funds nonlapsing. All funds received by the authority are nonlapsing. Enacted by Chapter 9, 2010 General Session
Section 601 – Resolution authorizing issuance of authority bonds — Characteristics of bonds.
Effective 5/4/2022 63H-1-601. Resolution authorizing issuance of authority bonds — Characteristics of bonds. (1) The authority may not issue bonds under this part unless the authority board first: (a) adopts a parameters resolution that sets forth: (i) the maximum: (A) amount of the bonds; (B) term; and (C) interest rate; and (ii) the expected security […]
Section 602 – Sources from which bonds may be made payable — Authority powers regarding bonds.
Effective 3/30/2015 63H-1-602. Sources from which bonds may be made payable — Authority powers regarding bonds. (1) The principal and interest on bonds issued by the authority may be made payable from: (a) the income and revenues of the projects financed with the proceeds of the bonds; (b) the income and revenues of certain designated […]
Section 603 – Authority to purchase agency bonds.
63H-1-603. Authority to purchase agency bonds. (1) Any person, firm, corporation, association, political subdivision of the state, or other entity or public or private officer may purchase bonds issued by an authority under this part with funds owned or controlled by the purchaser. (2) Nothing in this section may be construed to relieve a purchaser […]
Section 403 – Notice of project area plan adoption — Effective date of plan — Contesting the formation of the plan.
Effective 7/1/2021 63H-1-403. Notice of project area plan adoption — Effective date of plan — Contesting the formation of the plan. (1) Upon the effective date of a project area plan, the board shall provide notice as provided in Subsection (1)(b) by publishing or causing to be published legal notice: (a) in a newspaper of […]
Section 403.5 – Amendment to a project area plan.
Effective 3/28/2020 63H-1-403.5. Amendment to a project area plan. (1) The authority may amend a project area plan by following the same procedure under this part as applies to the adoption of a project area plan. (2) The provisions of this part apply to the authority’s adoption of an amendment to a project area plan […]
Section 405 – Project area budget.
Effective 3/28/2020 63H-1-405. Project area budget. (1) Before the authority may receive or use the property tax allocation, the authority board shall prepare and adopt a project area budget. (2) The authority board may amend an adopted project area budget as and when the authority board considers it appropriate. (3) If the authority adopts a […]
Section 501 – Authority receipt and use of property tax allocation — Contractual annual payment — Distribution of property tax allocation.
Effective 5/4/2022 63H-1-501. Authority receipt and use of property tax allocation — Contractual annual payment — Distribution of property tax allocation. (1) (a) The authority may: (i) subject to Subsection (1)(b): (A) receive up to 75% of the property tax allocation for up to 25 years, as provided in this part; and (B) after the […]
Section 502 – Allowable uses of property tax allocation and other funds.
Effective 5/4/2022 63H-1-502. Allowable uses of property tax allocation and other funds. (1) Other than municipal services revenue, the authority may use the property tax allocation and other funds available to the authority: (a) for any purpose authorized under this chapter; (b) for administrative, overhead, legal, and other operating expenses of the authority; (c) to […]