2006 Utah Code - 17A-3-341 — Excess amount in guaranty fund -- Special improvement refunding bonds.

     17A-3-341.   Excess amount in guaranty fund -- Special improvement refunding bonds.
     Whenever the amount in the special improvement guaranty fund exceeds 25% of the average amount of all special improvement bonds and special improvement refunding bonds of all special improvement districts of the municipality outstanding during the preceding three-year period, the governing body of the municipality may by resolution transfer all amounts in excess of this percentage to the general fund of the municipality, except that the transfer may not be made if the amount in the guaranty fund is less than 25% of the amount of all special improvement bonds and special improvement refunding bonds of all special improvement districts of the municipality which are outstanding at the time of the proposed transfer. For the purpose of this section, special improvement refunding bonds are not deemed to be outstanding until the principal of, interest, and any redemption premiums on the special improvement bonds which are refunded by the special improvement refunding bonds are fully paid.

Renumbered and Amended by Chapter 186, 1990 General Session