2006 Utah Code - 17A-3-225 — Payments from guaranty fund or reserve fund to avoid default -- Recovery from sale proceeds.

     17A-3-225.   Payments from guaranty fund or reserve fund to avoid default -- Recovery from sale proceeds.
     (1) If any assessment or any part or installment of it becomes delinquent, redemption of the property shall be the same as provided in Title 59, Chapter 2, Part 13 relating to general property tax delinquencies. In order to avoid default in the payment of any outstanding bonds or interim warrants issued under this part, the governing entity may determine to pay any delinquent amounts due, plus the interest, penalties, and costs, or it may pay these amounts and the full balance of the assessment, if accelerated, or any parts or installments that may become due during the period of redemption. All amounts paid by the governing entity for the delinquency may be paid out of the guaranty fund or reserve fund, as applicable, and charged against the delinquent property.
     (2) Upon the tax sale of the property so charged, all amounts paid by the governing entity shall be included in the sale price of the property, recovered in the sale, and the guaranty fund or reserve fund, as applicable, reimbursed for it. If the property so charged is sold to the governing entity at the tax sale and additional assessment installments will become due, the governing entity shall pay the additional installments out of the guaranty fund or reserve fund, as applicable, recover their amount in any sale of the property, and reimburse the guaranty fund or reserve fund, as applicable, when the property is sold.

Amended by Chapter 181, 1995 General Session