Terms Used In Utah Code > Title 15 > Chapter 4 - Joint Obligations

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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 Assessment method: means the method: (a)  by which an assessment is levied against benefitted property, whether by frontage, area, taxable value, fair market value, lot, parcel, number of connections, equivalent residential unit, any combination of these methods, or any other method; and (b)  that, when applied to a benefitted property, accounts for an assessment that meets the requirements of Section 11-42-409. See Utah Code 11-42-102 Assessment resolution: means a resolution adopted by a local entity under Section 11-42-404 that levies an assessment on benefitted property within an assessment area. See Utah Code 11-42-102 Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC 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 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. Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Deed: The legal instrument used to transfer title in real property from one person to another. Development authority: means : (a)  the Utah Inland Port Authority created in Section 11-58-201; or (b)  the military installation development authority created in Section 63H-1-201. See Utah Code 11-42-102 Economic promotion activities: means activities that promote economic growth in a commercial area of a local entity, including: (a)  sponsoring festivals and markets; (b)  promoting business investment or activities; (c)  helping to coordinate public and private actions; and (d)  developing and issuing publications designed to improve the economic well-being of the commercial area. See Utah Code 11-42-102 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Equivalent residential unit: means a dwelling, unit, or development that is equal to a single-family residence in terms of the nature of its use or impact on an improvement to be provided in the assessment area. See Utah Code 11-42-102 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: You are late making a payment or commit some other default, triggering an increase to a penalty rate The bank changes the terms of your account and you do not reject the change. The rate expires (if the rate was fixed for only a certain period of time). 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 Guaranty fund: means the fund established by a local entity under Section 11-42-701. See Utah Code 11-42-102 Installment payment date: means the date on which an installment payment of an assessment is payable. See Utah Code 11-42-102 Land: includes :Utah Code 68-3-12.5 Lien: A claim against real or personal property in satisfaction of a debt. 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 Local entity obligations: means assessment bonds, refunding assessment bonds, interim warrants, and bond anticipation notes issued by a local entity. See Utah Code 11-42-102 Mailing address: means : (a)  a property owner's last-known address using the name and address appearing on the last completed real property assessment roll of the county in which the property is located; and (b)  if the property is improved property: (i)  the property's street number; or (ii)  the post office box, rural route number, or other mailing address of the property, if a street number has not been assigned. See Utah Code 11-42-102 Net improvement revenues: means all improvement revenues that a local entity has received since the last installment payment date, less all amounts payable by the local entity from those improvement revenues for operation and maintenance costs. See Utah Code 11-42-102 Obligation: includes a liability in tort and contractual obligations. See Utah Code 15-4-1 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. Obligee: includes a creditor and a person having a right based on a tort. See Utah Code 15-4-1 Obligor: includes a debtor and a person liable for a tort. See Utah Code 15-4-1 Person: means :Utah Code 68-3-12.5 Project engineer: means the surveyor or engineer employed by or the private consulting engineer engaged by a local entity to perform the necessary engineering services for and to supervise the construction or installation of the improvements. 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 Public agency: means : (a)  the state or any agency, department, or division of the state; and (b)  a political subdivision of the state. See Utah Code 11-42-102 School fee: includes : (i)  an admission fee; (ii)  a transportation charge; or (iii)  a charge, deposit, rent, or other mandatory payment imposed by a third party in connection with an activity or function sponsored by a school described in Subsection (4)(a). See Utah Code 15-4-1 Service: means : (a)  water, sewer, storm drainage, garbage collection, library, recreation, communications, or electric service; (b)  economic promotion activities; or (c)  any other service that a local entity is required or authorized to provide. See Utah Code 11-42-102 Several obligors: means obligors severally bound for the same performance. See Utah Code 15-4-1 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trustee: A person or institution holding and administering property in trust. Unassessed benefitted government property: means property that a local entity may not assess in accordance with Section 11-42-408 but is benefitted by an improvement, operation and maintenance, or economic promotion activities. See Utah Code 11-42-102 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate. 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 Waiver: means the act of not requiring an individual to pay an amount that the individual otherwise owes. See Utah Code 15-4-1