2006 Utah Code - 17A-3-209 — Payment of contracts -- Progress payments -- Retainage.

     17A-3-209.   Payment of contracts -- Progress payments -- Retainage.
     (1) (a) Any contract for work in any special improvement district and any contract for the purchase or exchange of property necessary to be acquired in order to make improvements in any special improvement district may provide that the contract price or property price shall be paid, or, at the option of the governing entity, may be paid, in whole or in part, by the issuance of special improvement bonds issued against the funds created by assessments levied to pay the costs and expenses of improvements in the special improvement district or by interim warrants issued as authorized by this part at the time the special improvement bonds or interim warrants, as the case may be, may be legally issued and delivered. If any contract is not paid from these sources in whole or in part, or if paid in part, to the extent not so paid from these sources, the governing entity shall be responsible for advancing funds for payment of the contract price or property price from the general funds of the governing entity or from other funds legally available for this purpose as provided in the contract.
     (b) From the proceeds of the sale of interim warrants or special improvement bonds, or from funds paid on assessments not pledged for the payment of the bonds or warrants, the governing entity may reimburse itself for the amount paid from its general funds or other funds, except that the governing entity may not reimburse itself for any of the costs of making the improvements properly chargeable to the governing entity for which assessments may not be levied.
     (2) Any contract for work in a special improvement district may provide for payments to the contractor as the work progresses. If the contract so provides, payments may be made from time to time for an amount not to exceed 95% of the value of the work done to the date of payment, as determined by estimates of the project engineer, with final payment to be made only after completion of the work by the contractor and acceptance of the work by the governing entity. If moneys payable to the contractor as the work progresses are retained, they shall be retained or withheld and released as provided in Section 13-8-5.

Amended by Chapter 1, 2000 General Session