If the necessity for maintaining any special fund of a district ceases to exist and a balance remains in the fund, the board of trustees shall authorize the transfer of the balance to the fund balance in the general fund of the district, subject to the following:
(1)
Any balance remaining in a special assessment fund and not required in its guaranty fund shall be treated in the manner provided in Sections 11-42-413 and 11-42-701.
Terms Used In Utah Code 17B-1-625
Bond: means :
(a)
a written obligation to repay borrowed money, whether denominated a bond, note, warrant, certificate of indebtedness, or otherwise; and
(b)
a lease agreement, installment purchase agreement, or other agreement that:
(i)
includes an obligation by the district to pay money; and
Fund: has the meaning given under generally accepted accounting principles as reflected in the Uniform Accounting Manual for Special Districts. See Utah Code 17B-1-601
Fund balance: has the meaning given under generally accepted accounting principles as reflected in the Uniform Accounting Manual for Special Districts. See Utah Code 17B-1-601
General fund: is a s defined by the Governmental Accounting Standards Board as reflected in the Uniform Accounting Manual for All Local Governments prepared by the Office of the Utah State Auditor. See Utah Code 17B-1-601
Special assessment: means an assessment levied against property to pay all or a portion of the costs of making improvements that benefit the property. See Utah Code 17B-1-102
(2)
Any balance remaining in a capital projects fund shall be transferred to the appropriate debt service fund or other fund as the bond covenants may require and otherwise to the fund balance account in the general fund.
(3)
If any balance held in a trust fund for a specific purpose, other than a cemetery perpetual care trust fund, is to be transferred because its original purpose or restriction has ceased to exist, a public hearing shall be held in the manner provided in Sections 17B-1-609 and 17B-1-610. The published notice shall invite those persons who contributed to the fund to appear at the hearing. If the board of trustees determines the fund balance amounts are refundable to the original contributors, a 30-day period following the hearing shall be allowed for persons having an interest in the fund to file with the board of trustees a verified claim only for the amount of each claimant’s contributions. Any claim not so filed shall be barred. Any balance remaining, after refunds to eligible contributors, shall be transferred to the fund balance account in the general fund of the district.
(4)
If the board of trustees decides, in conformity with applicable laws, that the need for continuing maintenance of its cemetery perpetual care trust fund no longer exists, it may transfer the balance in the fund to the capital projects fund for expenditure for land, buildings, and major improvements to be used exclusively for cemetery purposes.
Renumbered and Amended by Chapter 329, 2007 General Session
