| (1) |
The provisions of Title 59, Revenue and Taxation, otherwise notwithstanding, delinquent taxes paid to the county on behalf of the participant members shall be paid into the special fund created with respect to the bonds issued by any authority. |
Terms Used In Utah Code 11-32-15
- Assignment agreement: means the agreement, security agreement, indenture, or other documentation by which the county transfers the delinquent tax receivables to the authority in consideration of the amounts paid by the authority under the assignment agreement, as provided in this chapter. See Utah Code 11-32-2
- authority: means a nonprofit corporation organized under this chapter by a county on behalf of the participant members within the county as the financing authority for the participant members solely for the purpose of financing the assignment of the delinquent tax receivables of the participant members for which it was created. See Utah Code 11-32-2
- Bonds: means any bonds, notes, or other evidence of indebtedness of the financing authority issued under this chapter. See Utah Code 11-32-2
- Delinquent tax receivables: means those ad valorem tangible property taxes levied within any county, for any year, which remain unpaid and owing the participant members within the county, as of January 15 of the following year, plus any interest and penalties accruing or assessed to them. See Utah Code 11-32-2
- Participant members: means those public bodies, including the county, the governing bodies of which approve the creation of an authority as provided in Section 11-32-3 and on whose behalf the authority acts. See Utah Code 11-32-2
| (2) |
Following the payment of all bonds issued with respect to any delinquent tax receivables and all other amounts due and owing under any assignment agreement, amounts remaining on deposit with the authority or in the special fund created with respect to the issuance of the bonds shall be apportioned and distributed as follows:
| (a) |
Any amounts which represent the amount by which the delinquent taxes recovered exceed the amount originally paid by the authority at the time of transfer of the delinquent tax receivables to the authority shall be distributed to the respective participant members, including the county, in the proportion of their respective taxes. |
| (b) |
Any amounts remaining following the distribution directed in Subsection (2)(a) shall be paid to the county. |
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Amended by Chapter 324, 2010 General Session
