Utah Code 11-42-414. Remaining interest and other money in assessment fund to be transferred to the guaranty fund or the local entity’s general fund
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The treasurer of each local entity that collects interest from the investment of an assessment fund or that receives penalties, costs, and other amounts for the benefit and credit of an assessment that remain after all local entity obligations are paid in full and cancelled shall transfer the remaining amount to:
(1) the guaranty fund, if required by bond covenants; or
Terms Used In Utah Code 11-42-414
- Assessment fund: means a special fund that a local entity establishes under Section
11-42-412 . See Utah Code 11-42-102 - Guaranty fund: means the fund established by a local entity under Section
11-42-701 . 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 Section63H-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 Section11-58-201 ; or(31)(f) any other political subdivision of the state. See Utah Code 11-42-102- Local entity obligations: means assessment bonds, refunding assessment bonds, interim warrants, and bond anticipation notes issued by a local entity. See Utah Code 11-42-102
(2) the local entity’s general fund.