2006 Utah Code - 17A-3-221 — Prepayment of assessment installments.

     17A-3-221.   Prepayment of assessment installments.
     (1) Assessments payable in installments may be paid prior to the due date of the installment as provided in this section but not otherwise.
     (2) The whole or any part of the assessment may be paid without interest within 15 days after the ordinance levying the assessment becomes effective. If the assessment is paid in part, the unpaid balance may, at the discretion of the governing body, be payable either in substantially equal installments of principal or in substantially equal installments of principal and interest over the period of time installments are payable as provided in the assessment ordinance.
     (3) After this 15-day period, and if the ordinance levying the assessment so provides, all unpaid installments of assessments levied against any piece of property (but only in their entirety) may be paid prior to the dates on which they become due. Any prepayment shall include an additional amount equal to the interest that would accrue on the assessment to the next succeeding date on which interest is payable on any special improvement bonds issued in anticipation of the collection of the assessments, plus such additional amounts as, in the opinion of the governing body or of any officer of the governing entity or Chapter 2, Part 3 district designated by the governing body, is necessary to assure the availability of money to pay interest on the special improvement bonds as interest becomes due and payable plus any premiums which may be charged and become payable on redeemable bonds which may be called in order to utilize the assessments paid in advance.

Renumbered and Amended by Chapter 186, 1990 General Session