An assessment levied within an assessment area may not, in the aggregate, exceed the sum of:
Terms Used In Utah Code 11-42-405
Assessment area: means an area, or, if more than one area is designated, the aggregate of all areas within a local entity's jurisdictional boundaries that is designated by a local entity under 2, for the purpose of financing the costs of improvements, operation and maintenance, or economic promotion activities that benefit property within the area. See Utah Code 11-42-102
Bond anticipation notes: means notes issued under Section 11-42-602 in anticipation of the issuance of assessment bonds. See Utah Code 11-42-102
Bonds: means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102
Contract: A legal written agreement that becomes binding when signed.
Contract price: means :
(a)
the cost of acquiring an improvement, if the improvement is acquired; or
(b)
the amount payable to one or more contractors for the design, engineering, inspection, and construction of an improvement. See Utah Code 11-42-102
Governing body: means :
(a)
for a county, city, or town, the legislative body of the county, city, or town;
(b)
for a special district, the board of trustees of the special district;
(c)
for a special service district:
(i)
the legislative body of the county, city, or town that established the special service district, if no administrative control board has been appointed under Section 17D-1-301; or
(ii)
the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;
(d)
for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
(e)
for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and
(f)
for a public infrastructure district, the board of the public infrastructure district as defined in Section 17D-4-102. See Utah Code 11-42-102
Local entity: means :
(a)
a county, city, town, special service district, or special district;
(b)
an interlocal entity as defined in Section 11-13-103;
(c)
the military installation development authority, created in Section 63H-1-201;
Voluntary assessment area: means an assessment area that contains only property whose owners have voluntarily consented to an assessment. See Utah Code 11-42-102
(a)
the contract price or estimated contract price;
(b)
the acquisition price of improvements;
(c)
the reasonable cost of:
(i)
(A)
utility services, maintenance, and operation, to the extent permitted by Subsection 11-42-401(4); and
(B)
labor, materials, or equipment supplied by the local entity;
(ii)
economic promotion activities; or
(iii)
operation and maintenance costs;
(d)
the price or estimated price of purchasing property;
(e)
any connection fees;
(f)
estimated interest on interim warrants and bond anticipation notes issued with respect to an assessment area;
(g)
the capitalized interest on each assessment bond;
(h)
overhead costs not to exceed 15% of the sum of Subsections (1)(a), (b), (c), and (e);
(i)
an amount for contingencies of not more than 10% of the sum of Subsections (1)(a) and (c), if the assessment is levied before construction of the improvements in the assessment area is completed;
(j)
an amount sufficient to fund a reserve fund, if the governing body creates and funds a reserve fund as provided in Section 11-42-702;
(k)
1/2 the cost of grading changes as provided in Section 11-42-407; and
(l)
incidental costs incurred by a property owner in order to satisfy the local entity’s requirements for inclusion in a voluntary assessment area, if applicable.
(2)
Each local entity providing an improvement in an assessment area shall pay, from improvement revenues not pledged to the payment of bonds and from any other legally available money:
(a)
overhead costs for which an assessment cannot be levied;
(b)
the costs of providing an improvement for which an assessment was not levied, if the assessment is levied before construction of the improvement in the assessment area is completed; and
(c)
the acquisition and constructions costs of an improvement for the benefit of property against which an assessment may not be levied.
