(1)  The governing body of any public body, which is not at that time a member of a financing authority established in the county in which the public body is located, may, by resolution, elect to join the authority.

Terms Used In Utah Code 11-32-3.5

  • 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
  • Governing body: means the council, commission, county legislative body, board of education, board of trustees, or any other governing entity of a public body in which the legislative powers of the public body are vested. 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
  • Public body: means any city, town, county, school district, special service district, special district, community reinvestment agency, or any other entity entitled to receive ad valorem property taxes, existing under the laws of the state. See Utah Code 11-32-2
  • Quorum: The number of legislators that must be present to do business.
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)  The resolution shall state the name of the public body and that the public body thereby petitions for membership in the authority. A certified copy of the resolution shall be delivered to the authority.

(3)  The public body shall become a participant member of the authority, upon receipt by the authority of the resolution, but only with respect to any financing initiated after the public body has become a member of the authority.

(4)  A participant member may elect to withdraw from an authority by resolution adopted by the governing body of the participant member following:

(a)  the payment of all outstanding bonds for which a participant member’s delinquent tax receivables have been assigned;

(b)  the distribution of remaining amounts as provided in Section 11-32-15; and

(c)  satisfactory completion of any independent accounting audits requested by the authority or the county.

(5)  The resolution of the governing body of the public body which is withdrawing its membership shall state the name of the public body it represents and that the public body thereby petitions for withdrawal from the authority. A certified copy of the resolution shall be delivered to the authority. The membership of the public body in the authority shall terminate upon receipt of the resolution by the authority.

(6)  A public body which has withdrawn from membership in an authority may elect to join such authority to participate in future financings by the authority.

(7) 

(a)  By resolution of its governing body, a participant member may elect not to participate in future financings of the authority. Such election shall be effective upon delivery of a certified copy of the resolution to the authority.

(b)  In addition to the method outlined in Subsection (7)(a), a participant member may be considered to have elected not to participate in future financings in any reasonable manner selected by the authority.

(8)  For purposes of determining the presence of a quorum of the board of trustees or for other purposes, the board of trustees of an authority may treat participant members which have elected or are considered to have elected not to participate in a financing as not being participant members.

(9)  The composition organization of the authority shall change upon the entrance, election to participate, election not to participate, or withdrawal of a participant member.

Amended by Chapter 324, 2010 General Session

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