2006 Utah Code - 17A-2-718 — Trustees to determine amounts required for current years -- Establishment of sinking funds and reserve funds -- Certification of amounts.

     17A-2-718.   Trustees to determine amounts required for current years -- Establishment of sinking funds and reserve funds -- Certification of amounts.
     The board of trustees shall, on or before July 1st of each year, determine the amount of money required for the current year to pay interest on and all maturing installments of principal of any bonds, and warrants, and all payments due or to become due to the United States under any contract between the district and the United States accompanying which bonds of the district have not been deposited with the United States as in Section 17A-2-711, and all operation and maintenance or rental payments to be made by the district to the United States under the provisions of any such contract between the United States and the district, and all water payments and all operation and maintenance or rental payments to be made by the district to other entities under the provisions of any contract between the district and other entities, and meet the cost of any construction or reconstruction proposed to be covered by use charges, and all maintenance, operating and current expenses, including the payment of assessments upon stock of irrigation, canal, or reservoir companies owned by the district, and the amount necessary to meet the obligations of local improvement districts, and establish, keep, and maintain sinking funds sufficient to assure the prompt payment of principal of and interest on the bonds as principal and interest fall due, and reserve funds at the level required by any contract between the district and the United States, and other entities; and establish, keep and maintain adequate reserve funds for depreciation, repairs, extensions and improvements to the works necessary to assure adequate and efficient service, as determined by the board, and certify to the county legislative body of the county in which the office of the district is located, those amounts together with such additional amount as may be necessary to meet any deficiencies theretofore incurred, and if so provided in case of contract with the United States a further amount to cover any deficit in payments due the United States thereunder which may have resulted from delinquent use charges for any preceding year.

Amended by Chapter 285, 2002 General Session