2006 Utah Code - 17A-3-326 — Special improvement fund.

     17A-3-326.   Special improvement fund.
     (1) (a) Subject to Section 17A-3-327, when a municipality levies any assessment authorized by this part, the governing body shall establish a special improvement fund.
     (b) All monies paid into the municipal treasury in payment of the assessment and interest on it shall be deposited in the special improvement fund.
     (c) The monies deposited in the special improvement fund may be expended only for:
     (i) the payment of the costs and expenses of making, operating, and maintaining the local improvements to the extent permitted by Section 17A-3-314; and
     (ii) the payment of interim warrants, special improvement bonds, and the interest on them that are issued against the special improvement district created to make the improvements.
     (2) (a) The treasurer of the municipality shall:
     (i) have custody of the special improvement fund;
     (ii) keep the special improvement fund intact and separate from all other funds and monies of the municipality; and
     (iii) pay moneys out of the special improvement fund only for the purposes specified in this part.
     (b) (i) The treasurer shall invest any monies in the special improvement fund by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act.
     (ii) The treasurer shall pay any interest received from the investment of special improvement fund monies into the special improvement fund to be used exclusively for the same purposes for which the special improvement fund was established.
     (3) When all bonds or interim warrants or both have been paid or redeemed in full, the governing body shall transfer any money remaining in the fund as provided in Section 17A-3-336.

Amended by Chapter 285, 1992 General Session