There is a newer version of the Utah Code
2006 Utah Code - 17A-2-850 — Reserve funds -- Creation -- Use of funds -- Limitation.
17A-2-850. Reserve funds -- Creation -- Use of funds -- Limitation.The board of trustees of a metropolitan water district may create and maintain, out of revenues of any nature available to it, a reserve fund and may expend therefrom when it considers necessary sums to meet immediate needs and emergencies such as major catastrophe, earthquake, drought relief or any other happening which imperils the public health and safety, and, among other things, but without intention to limit, for any district purposes necessary for the health, safety and security of the inhabitants of the district; provided, that such reserve fund shall in no event exceed 10% of the total investment value, at cost, of such metropolitan water district in water acquisitions, water rights, reservoirs, pipelines and water treatment plants and the like, whether such investments are financed by such district directly or for its benefit by the United States or the state. Such reserve funds may also be drawn upon by the board of trustees when in its discretion it is advisable to do so either in abatement of a tax levy, in lieu of a tax levy, or in avoidance of an increase in a tax levy for any year.
Amended by Chapter 254, 2000 General Session
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