(1) A local entity may, by resolution adopted by the governing body, provide for the pledge and use of any improvement revenues to pay:

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Terms Used In Utah Code 11-42-415

  • Assessment area: means an area, or, if more than one area is designated, the aggregate of all areas within a local entity's jurisdictional boundaries that is designated by a local entity under Part 2, Designating an Assessment Area, for the purpose of financing the costs of improvements, operation and maintenance, or economic promotion activities that benefit property within the area. See Utah Code 11-42-102
  • Assessment bonds: means bonds that are:
         (3)(a) issued under Section 11-42-605; and
         (3)(b) payable in part or in whole from assessments levied in an assessment area, improvement revenues, and a guaranty fund or reserve fund. See Utah Code 11-42-102
  • Bond anticipation notes: means notes issued under Section 11-42-602 in anticipation of the issuance of assessment bonds. See Utah Code 11-42-102
  • Bonds: means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102
  • Governing body: means :
         (22)(a) for a county, city, or town, the legislative body of the county, city, or town;
         (22)(b) for a special district, the board of trustees of the special district;
         (22)(c) for a special service district:
              (22)(c)(i) the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or
              (22)(c)(ii) the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;
         (22)(d) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
         (22)(e) for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and
         (22)(f) for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102
  • Installment payment date: means the date on which an installment payment of an assessment is payable. See Utah Code 11-42-102
  • Local entity: means :
         (31)(a) a county, city, town, special service district, or special district;
         (31)(b) an interlocal entity as defined in Section 11-13-103;
         (31)(c) the military installation development authority, created in Section 63H-1-201;
         (31)(d) a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;
         (31)(e) the Utah Inland Port Authority, created in Section 11-58-201; or
         (31)(f) any other political subdivision of the state. See Utah Code 11-42-102
  • Mailing address: means :
         (33)(a) a property owner's last-known address using the name and address appearing on the last completed real property assessment roll of the county in which the property is located; and
         (33)(b) if the property is improved property:
              (33)(b)(i) the property's street number; or
              (33)(b)(ii) the post office box, rural route number, or other mailing address of the property, if a street number has not been assigned. See Utah Code 11-42-102
  • Net improvement revenues: means all improvement revenues that a local entity has received since the last installment payment date, less all amounts payable by the local entity from those improvement revenues for operation and maintenance costs. See Utah Code 11-42-102
  • Project engineer: means the surveyor or engineer employed by or the private consulting engineer engaged by a local entity to perform the necessary engineering services for and to supervise the construction or installation of the improvements. See Utah Code 11-42-102
  • Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102
     (1)(a) some or all of the costs and expenses of making, operating, and maintaining improvements, to the extent permitted under this chapter; and
     (1)(b) some or all of the principal of and interest on assessment bonds, interim warrants, and bond anticipation notes issued against the assessment area to make improvements within the assessment area.
(2)

     (2)(a) If the governing body adopts a resolution under Subsection (1), the local entity:

          (2)(a)(i) may:

               (2)(a)(i)(A) provide for assessments to be levied in the full amount of the estimated cost of the improvements, as determined by a project engineer;
               (2)(a)(i)(B) agree to use installment payments from assessments to pay the costs of the improvements and to pay principal of and interest on any assessment bonds, interim warrants, and bond anticipation notes when due; and
               (2)(a)(i)(C) reduce installment payments, as provided in Subsection (2)(a)(ii), if the local entity receives net improvement revenues and pledges them to pay operation and maintenance costs of the improvements and to pay principal of and interest on assessment bonds, interim warrants, or bond anticipation notes; and
          (2)(a)(ii) shall authorize a local entity official to:

               (2)(a)(ii)(A) determine on each installment payment date the amount of net improvement revenues that the local entity has received since the last installment payment date; and
               (2)(a)(ii)(B) reduce the amount of the installment payment due on the next succeeding installment payment date by an amount that is no greater than the amount of the net improvement revenues described in Subsection (2)(a)(ii)(A).
     (2)(b) A local entity may not reduce installment payments under Subsection (2)(a)(ii) if:

          (2)(b)(i) the reduction exceeds the amount of net improvement revenues that have been pledged to pay:

               (2)(b)(i)(A) operation and maintenance costs of the improvements; and
               (2)(b)(i)(B) principal of and interest on assessment bonds, interim warrants, and bond anticipation notes; or
          (2)(b)(ii) after the reduction, the sum of the assessment installment payments and the net improvement revenues are insufficient to pay:

               (2)(b)(ii)(A) operation and maintenance costs of the improvements; and
               (2)(b)(ii)(B) principal of and interest on assessment bonds, interim warrants, and bond anticipation notes.
     (2)(c) The local entity shall require that each reduction of installment payments be made so that the assessments levied against each assessed property receive a proportionate share of the reduction.
     (2)(d) A reduction under Subsection (2)(a)(ii) does not apply to an assessment or interest on an assessment that has been paid.
(3)

     (3)(a) Not more than 14 days after making a determination under Subsection (2)(a)(ii) to reduce an installment payment, the local entity’s governing body shall mail notice of the reduction to each owner of property within the assessment area at the property owner’s mailing address.
     (3)(b) The governing body may include the notice required under Subsection (3)(a) with or in any other notice regarding the payment of assessments and interest on assessments that the governing body sends to owners.
(4)

     (4)(a) If an owner of assessed property pays more than the amount of the reduced installment payment on the installment payment date after a notice under Subsection (3) is mailed, the local entity may, by following the procedure under Subsection (3), provide additional notice to the owner that:

          (4)(a)(i) the owner has overpaid the assessment installment payment; and
          (4)(a)(ii) the local entity will:

               (4)(a)(ii)(A) credit the amount of the overpayment against the next installment payment due; or
               (4)(a)(ii)(B) if no further installment payment is due, refund the amount of the overpayment upon receipt of a written refund request from the owner.
     (4)(b) If a local entity receives an overpayment of an installment payment, it shall:

          (4)(b)(i) credit the amount of the overpayment against the next installment payment due; or
          (4)(b)(ii) refund the amount of the overpayment to the owner if:

               (4)(b)(ii)(A) no further installment payment is due; and
               (4)(b)(ii)(B) the owner submits a written request for a refund.
     (4)(c) A local entity is not required to pay interest on an overpayment that it holds.
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