2006 Utah Code - 17A-3-327 — Improvement revenues account.

     17A-3-327.   Improvement revenues account.
     (1) The governing body shall deposit all improvement revenues in a separate account in the special improvement fund.
     (2) The treasurer of the municipality shall:
     (a) have custody of the improvement revenues account in the special improvement fund;
     (b) keep it intact and separate from all other funds and monies of the municipality; and
     (c) pay monies out of the account only for the purposes specified in this part.
     (3) (a) The treasurer shall invest any monies in the account by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act.
     (b) The treasurer shall:
     (i) pay any interest received from the investments into the account exclusively; and
     (ii) expend the interest for the same purposes for which the account was established.
     (4) 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 account to the Special Improvement Guaranty Fund or to the General Fund of the municipality.

Amended by Chapter 285, 1992 General Session