2006 Utah Code - 17A-3-220 — Period for paying assessments -- Frequency of installments -- Interest.

     17A-3-220.   Period for paying assessments -- Frequency of installments -- Interest.
     (1) Except as provided in Section 17A-3-219, an assessment shall be levied at one time upon the property. The governing body may provide in the ordinance levying the assessment that all or such portion of the assessment as is designated in the ordinance may be paid in installments over a period of time not exceeding 20 years from the effective date of the ordinance levying the assessment, except that in any case where the installments are to be payable over a period of time exceeding ten years from the effective date, the governing body shall find and determine that the improvements for which the assessment are made have a reasonable, useful life for the full period during which the installments are payable or that it would otherwise be in the best interests of the governing entity and of the owners of property to be assessed to provide for payment of the assessments over a period in excess of ten years.
     (2) Installments shall be payable at least annually but may be payable at more frequent intervals as provided by the ordinance levying the assessment, except that if the ordinance provides for payment of the assessment over a period in excess of ten years from the effective date of the same, the ordinance may also provide that no installments of these assessments shall be payable during all or any portion of the period ending three years after this effective date.
     (3) Where the assessment is payable in installments, the ordinance shall provide that the unpaid balance of the assessment shall bear interest at a rate or rates which may be a fixed rate or rates, a variable rate or rates, or a combination of fixed and variable rates, from the effective date of the ordinance or from such other date as may be specified in the ordinance until due for the purpose of paying the costs relating to the special improvement district as the governing body may specify, including interest on any bonds issued under Section 17A-3-227 or 17A-3-229, ongoing costs of the governing entity incurred with respect to administration of the special improvement district, and costs, if any, incurred with respect to securing a letter of credit or other instrument to secure payment or repurchase of any bonds or retaining a remarketing agent or an indexing agent; except that where the assessment is for light service or park maintenance, interest shall be charged only from and after the due date of each installment and the first installment for the assessment shall be due 15 days after the effective date of the ordinance. If interest is to accrue on any assessment at a variable rate or rates, the governing body shall specify the basis upon which the rate or rates shall be determined from time to time, the manner in which and schedule upon which the rate or rates shall be adjusted, and a maximum rate that the assessments may bear. Interest shall be paid in addition to the amount of each installment annually or at more frequent intervals as provided in the ordinance levying the assessment.

Amended by Chapter 92, 2002 General Session