Utah Code 11-42-703. Payment from guaranty fund or reserve fund if insufficient funds available in the assessment fund — Payment by warrant from guaranty fund or reserve fund — Subrogation
Current as of: 2023 | Check for updates
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| (1) | If a bond is presented to the local entity for payment at a time when there is insufficient money in the assessment fund to pay the amount due, the local entity shall pay the amount due from the guaranty fund or, if applicable, reserve fund. |
| (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 |
| (2) | If there is insufficient money in the guaranty fund or, if applicable, the reserve fund to pay the amount due under Subsection (1), the local entity may pay by a warrant drawn against the guaranty fund or, if applicable, reserve fund. |
Enacted by Chapter 329, 2007 General Session