Terms Used In Utah Code 11-42-602

• 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 Part 2, Designating an Assessment Area, 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.
• Governing body: means :
       (22)(a) for a county, city, or town, the legislative body of the county, city, or town;
       (22)(b) for a special district, the board of trustees of the special district;
       (22)(c) for a special service district:

            (22)(c)(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

            (22)(c)(ii) the administrative control board of the special service district, if an administrative control board has been appointed under Section 17D-1-301;
       (22)(d) for the military installation development authority created in Section 63H-1-201, the board, as defined in Section 63H-1-102;
       (22)(e) for the Utah Inland Port Authority, created in Section 11-58-201, the board, as defined in Section 11-58-102; and
       (22)(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
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Local entity: means :
       (31)(a) a county, city, town, special service district, or special district;
       (31)(b) an interlocal entity as defined in Section 11-13-103;
       (31)(c) the military installation development authority, created in Section 63H-1-201;
       (31)(d) a public infrastructure district under Title 17D, Chapter 4, Public Infrastructure District Act, including a public infrastructure district created by a development authority;
       (31)(e) the Utah Inland Port Authority, created in Section 11-58-201; or
       (31)(f) any other political subdivision of the state. See Utah Code 11-42-102
• Overhead costs: means the actual costs incurred or the estimated costs to be incurred by a local entity in connection with an assessment area for appraisals, legal fees, filing fees, financial advisory charges, underwriting fees, placement fees, escrow, trustee, and paying agent fees, publishing and mailing costs, costs of levying an assessment, recording costs, and all other incidental costs. 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