§ 77-32-703. Computing participating county assessments.

(1) The board shall determine the amount annually each county shall pay into the fund.

(2)

(a) After the first year of operation of the fund, any county that elects to initiate participation in the fund, or reestablish participation in the fund after participation was terminated, shall be required to make an equity payment, in addition to the assessment provided in Subsection (1).

(b) The equity payment shall be determined by the board and represent what the county's equity in the fund would be if the county had made assessments into the fund for each of the previous two years.

(3)

(a) If the fund runs a deficit during any calendar year, the participating counties shall pay an amount equal to the deficit in the fund by the end of the first quarter of the following year.

(b) In the calendar year following a deficit year, the board shall increase the assessment required by Subsection (1) by an amount at least equal to the deficit of the previous year, which combined amount becomes the base assessment until another deficit year occurs.

(4) After the initial year of the fund, if the participating counties are unable to replenish the fund annually to at least $200,000, the board by a majority vote may terminate the fund.

(5) If the fund is terminated, all remaining funds shall continue to be administered and disbursed in accordance with the provision of this chapter until exhausted, at which time the fund shall cease to exist.

Amended by Chapter 333, 1998 General Session