2006 Utah Code - 63-11-19.1 — Contracts for purchase of lands for addition to Wasatch Mountain State Park -- Tax levy for payment of principal and interest -- Separability.

     63-11-19.1.   Contracts for purchase of lands for addition to Wasatch Mountain State Park -- Tax levy for payment of principal and interest -- Separability.
     (1) The Board of Parks and Recreation may enter into real estate installment contracts for the purchase of lands in Wasatch County, Utah, for addition to the Wasatch Mountain State Park.
     (2) The total principal amount of contracts entered into under authority of this section may not exceed $150,000 nor the limitation imposed by Section 1 of Article XIV of the Constitution of the state of Utah.
     (3) (a) The contracts shall be:
     (i) executed by the chair on behalf of the board; and
     (ii) payable with interest at a rate not to exceed 3 per cent per annum on the deferred principal installments.
     (b) The contracts may not exceed ten years in duration.
     (4) (a) The installment payments on the principal of the contracts shall be payable in equal annual installments beginning one year from the date of the contracts and annually thereafter with interest on deferred payments not in excess of the amount provided in Subsection (3).
     (b) The contracts may provide that payment of all or any part of the amount due under all or any of the contracts may be accelerated by the board at any time and from time to time.
     (c) The installment contracts shall be in the form and bear the details that the board determines, and are assignable by the seller.
     (d) When assigned to a bona fide purchaser for value, the payment of the principal installments and interest remaining due at the time of the assignment may not be avoided or invalidated for any irregularity or defect in the proceedings for their execution and delivery or for failure of compliance with any of the other terms or conditions of the contracts, but shall be incontestable in the hands of that bona fide purchaser for value.
     (5) (a) The full faith and credit of the state of Utah is pledged to the payment of the installment contracts and the principal and interest on them.
     (b) (i) There is levied on all taxable property in the state of Utah, in addition to all other taxes, a direct annual tax sufficient to pay the principal amounts of installments falling due in each year on the contracts, together with applicable interest.
     (ii) The tax established in this Subsection (b)(i) is abated in any year in which sufficient funds provided from other sources to pay the amounts of principal and interest falling due in that year have been made available for those payments.
     (6) If any provision of this section, or the application of any provision to any person or circumstance, is held invalid, the remainder of this section is not affected by that declaration of invalidity.

Amended by Chapter 276, 1997 General Session