UTAH CODE (Last Updated: January 16, 2015) |
Title 11. Cities, Counties, and Local Taxing Units |
Chapter 42. Assessment Area Act |
Part 4. Assessments |
§ 11-42-413. Surplus assessments -- Payment of bonds -- Rebate of assessment if improvements abandoned.
Latest version.
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(2) (a) If the total cost of completed and accepted improvements is less than the total amount of assessments levied for those improvements, the local entity shall place the surplus in the assessment fund. (b) If a local entity issues assessment bonds before a surplus under Subsection (2)(a) is determined, the local entity shall hold the surplus in the assessment fund and use the surplus for the payment of the bonds, interest, and any penalties and costs. (3) If a local entity abandons improvements in an assessment area before the improvements have been started or, if started, before they have been completed and accepted but after an assessment has been levied, the local entity shall rebate the net assessment to the current owner.
Enacted by Chapter 329, 2007 General Session