2006 Utah Code - 17A-3-226 — Assessment proceeds constitute fund -- Disposition -- Investment.

     17A-3-226.   Assessment proceeds constitute fund -- Disposition -- Investment.
     (1) If a governing entity levies any assessment for making and paying for any local improvements, all money paid into the treasury in payment of the assessment and interest on it shall constitute a fund for the payment of the costs and expenses of making the local improvements and for the payment of interim warrants and special improvement bonds, with interest on them, issued against the special improvement district created to make the improvements and for no other purposes.
     (2) The fund so created shall be held in the custody of the treasurer of the governing entity, kept intact and separate from all other funds and monies of the governing entity, and shall be paid out only for the purposes specified in this part. Any idle money in the fund may be invested by the treasurer, in the same types of investments as moneys in the special improvement guaranty fund may be invested as provided in Section 17A-3-232, and any interest received from the fund shall be paid into the fund exclusively and shall be used for the same purposes for which the fund was established.
     (3) When all bonds or interim warrants or both have been paid or redeemed in full, any money remaining in the fund shall be transferred as provided in Section 17A-3-234.

Renumbered and Amended by Chapter 186, 1990 General Session