2006 Utah Code - 17A-3-333 — Improvement revenues -- Installment payments.

     17A-3-333.   Improvement revenues -- Installment payments.
     (1) Any municipality may adopt a resolution providing for the pledge and use of improvement revenues, if any, to pay:
     (a) all or a portion of the costs and expenses of making, operating, and maintaining improvements to the extent permitted by Section 17A-3-314; and
     (b) all or a portion of the principal of and interest on any interim warrants and special improvement bonds issued against the special improvement district created to make the improvements.
     (2) If the governing body adopts the resolution described in Subsection (1), it may:
     (a) cause assessments to be levied in the full amount of the estimated cost of the improvements as determined by the engineer of the municipality pursuant to Subsection 17A-3-305(1)(e);
     (b) agree to use the installment payments from those assessments to pay the costs of the improvements and to pay principal of and interest on any interim warrants and special improvement bonds when due; and
     (c) if net improvement revenues have been received and pledged to pay operation and maintenance costs of the improvements to the extent permitted by Section 17A-3-314 and to pay principal of and interest on any interim warrants and special improvement bonds, reduce the installment payments as provided in Subsection (3).
     (3) (a) If the governing body adopts the resolution described in Subsection (1), it shall authorize an official of the municipality to:
     (i) determine on each installment payment date the amount of net improvement revenues received by the municipality since the last installment payment date; and
     (ii) reduce the amount of the installment payment due on the next succeeding installment payment date by an amount not greater than the amount of the net improvement revenues described in Subsection (i) received by the municipality.
     (b) The municipality may not reduce installment payments if:
     (i) the reduction exceeds the amount of net improvement revenues that have been pledged to pay operation and maintenance costs of the improvements to the extent permitted by Section 17A-3-314 and to pay principal of and interest on interim warrants and special improvement bonds; or
     (ii) after the reduction, the sum of the assessment installment payments and the net improvement revenues are insufficient to pay operation and maintenance costs of the improvements to the extent permitted by Section 17A-3-314 and to pay all principal of and interest on all interim warrants and special improvement bonds issued against the special improvement district when due.
     (c) The governing body shall require that any reductions of installment payments be made so that the unpaid assessments levied against each of the assessed properties and the unpaid interest on those assessments receive a proportionate share of the reductions.
     (d) Reductions do not apply to assessments and interest on assessments that have been paid.
     (4) (a) The governing body shall mail notice of the reduction of the installment payments, postage prepaid, not more than 14 days after the determination required by Subsection (3) addressed to "owner" at the street number of each piece of improved assessed property.
     (b) If a street number has not been assigned to a piece of improved assessed property, the

notice shall be addressed to "owner" and mailed to the post office box, rural route number, or any other mailing address of the improved property.
     (c) The governing body may include the notice with or in any other notices, regarding the payment of assessments and interest on assessments, sent to the property owners in the district within the time and addressed as stated in this subsection.
     (5) (a) If the owner of assessed property pays more than the amount of the reduced installment payment on the installment payment date after the notice is mailed, the municipality may, by complying with the requirements of Subsection (4), provide additional notice to the owner that:
     (i) that owner has overpaid the assessment installment payment; and
     (ii) the municipality will either:
     (A) credit the amount of the overpayment against the next installment payment due; or
     (B) if no further installment payments are due, rebate the amount of the overpayment to the owner upon receipt of a written request for rebate from the owner.
     (b) If the municipality receives an overpayment, it shall either:
     (i) credit the amount of the overpayment against the next installment payment due; or
     (ii) if no further installment payments are due, rebate the amount of the overpayment to the owner upon receipt of a written request for rebate from the owner.
     (c) The municipality is not required to pay interest on any overpayments held by it.

Amended by Chapter 214, 1990 General Session
Renumbered and Amended by Chapter 186, 1990 General Session