Utah Code 11-42-413. Surplus assessments — Payment of bonds — Rebate of assessment if improvements abandoned

(1)

As used in this section:

Terms Used In Utah Code 11-42-413

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
Assessment bonds: means bonds that are:

(a)	issued under Section 11-42-605; and

(b)

payable in part or in whole from assessments levied in an assessment area, improvement revenues, and a guaranty fund or reserve fund. See Utah Code 11-42-102

Assessment fund: means a special fund that a local entity establishes under Section 11-42-412. See Utah Code 11-42-102

Bonds: means assessment bonds and refunding assessment bonds. See Utah Code 11-42-102

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

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;

(d)	a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;

(e)	the Utah Inland Port Authority, created in Section 11-58-201; or

(f)	any other political subdivision of the state. See Utah Code 11-42-102 Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102
(a)	“Current owner” means the owner of property at the time a rebate under this section is paid.

(b)	“Last-known address” means the last address of an owner of property within an assessment area according to the last completed real property assessment roll of the county in which the property is located.

(c)

“Net assessment” means the amount of an assessment after subtracting:

(i)	the amount required to pay for any improvements that have been made prior to their being abandoned; and

(ii)	any damages or costs related to an abandonment of improvements.

(2)

(a)	If the total cost of completed and accepted improvements is less than the total amount of assessments levied for those improvements, the local entity shall place the surplus in the assessment fund.

(b)	If a local entity issues assessment bonds before a surplus under Subsection (2)(a) is determined, the local entity shall hold the surplus in the assessment fund and use the surplus for the payment of the bonds, interest, and any penalties and costs.

(3)	If a local entity abandons improvements in an assessment area before the improvements have been started or, if started, before they have been completed and accepted but after an assessment has been levied, the local entity shall rebate the net assessment to the current owner.

Enacted by Chapter 329, 2007 General Session

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