2006 Utah Code - 17A-3-340 — Insufficiency of guaranty or reserve fund -- Replenishment -- Warrants -- Tax levy to pay warrants.

     17A-3-340.   Insufficiency of guaranty or reserve fund -- Replenishment -- Warrants -- Tax levy to pay warrants.
     If there is insufficient money in the special improvement guaranty fund or reserve fund, as applicable, at any time to make all purchases of property bid on by the municipality at sales of property for delinquent assessments, the governing body may replenish the guaranty fund or reserve fund by transfer or appropriation from the general fund of the municipality or from other available sources as it may determine. Warrants drawing interest at the rate or rates determined by the governing body may be issued against the guaranty fund or reserve fund, as applicable, to meet any financial liabilities accruing against it, but at the time of making its next annual tax levy, the municipality shall provide for the levy of a sum sufficient, with other resources of the guaranty fund or reserve fund, to pay warrants so issued and outstanding. The tax levied for this purpose may not exceed .0002 per dollar of taxable value of taxable property in any one year.

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