Section 705 – Audit report.

• (1) The authority shall, within 180 days after the end of the authority’s fiscal year, file a copy of the audit report with the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax allocation.

• (2) Each audit report under Subsection (1) shall include:
  • (a) the property tax allocation collected by the authority for each project area;
  • (b) the outstanding principal amount of bonds issued or other loans incurred to finance the costs associated with the authority’s project areas; and
  • (c) the actual amount expended for:
    • (i) acquisition of property;
    • (ii) site improvements or site preparation costs;
    • (iii) installation of public utilities or other public improvements; and
    • (iv) administrative costs of the authority.

Amended by Chapter 377, 2015 General Session