Terms Used In Utah Code > Title 15 > Chapter 1 - Interest

• Adequate protests: means , for all proposed assessment areas except sewer assessment areas, timely filed, written protests under Section 11-42-203 that represent at least 40% of the frontage, area, taxable value, fair market value, lots, number of connections, or equivalent residential units of the property proposed to be assessed, according to the same assessment method by which the assessment is proposed to be levied, after eliminating:

  (i)	protests relating to: (A)  property that has been deleted from a proposed assessment area; or (B)  an improvement that has been deleted from the proposed improvements to be provided to property within the proposed assessment area; and

  (ii)

  protests that have been withdrawn under Subsection 11-42-203(3). See Utah Code 11-42-102 Appraisal: A determination of property value. 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 Benefitted property: means property within an assessment area that directly or indirectly benefits from improvements, operation and maintenance, or economic promotion activities. 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. Deed: The legal instrument used to transfer title in real property from one person to another. Designation resolution: means a resolution adopted by a local entity under Section 11-42-206 designating an assessment area. See Utah Code 11-42-102 Forbearance: A means of handling a delinquent loan. A 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 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 : (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 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102 State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5 Statute: A law passed by a legislature. Unimproved property: means property upon which no residential, commercial, or other building has been built. See Utah Code 11-42-102 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