Terms Used In Utah Code > Title 15 > Chapter 6 - Prompt Payment Act

• 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 lien: means a lien on property within an assessment area that arises from the levy of an assessment, as provided in Section 11-42-501. 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 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 Deed: The legal instrument used to transfer title in real property from one person to another. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC 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 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 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Property: includes real property and any interest in real property, including water rights and leasehold rights. See Utah Code 11-42-102 Reserve fund: means a fund established by a local entity under Section 11-42-702. See Utah Code 11-42-102 Trustee: A person or institution holding and administering property in trust. United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 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