§ 63H-1-705. 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 tax increment.

(2) Each audit report under Subsection (1) shall include:

(a) the tax increment 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.

Enacted by Chapter 23, 2007 General Session