Utah § 17-63-807 Amount in tax stability and trust fund limited -- Disposition of excess -- Use of principal -- Determination of necessity -- Election -- Exception.

Utah Statutes

§ 17-63-807 — Amount in tax stability and trust fund limited -- Disposition of excess -- Use of principal -- Determination of necessity -- Election -- Exception.

Utah·Title 17 Counties·Ch. 17-63 Fiscal Authority and Processes·Part 17-63-8 Specified Services, Special Funds, Interfund Loans

(1)The total amount in a county's tax stability and trust fund established under Section 17-63-806 shall be limited to the percentage of the total taxable value of property in that county not to exceed the limits provided in the following schedule:Total Taxable ValueFund LimitsPercentage ofTaxable Valuebut not toexceed:Less than $500,000,0001.6%$5,000,000From 500,000,000 to 1,500,000,0001.0%7,500,000Over 1,500,000,000.5%15,000,000

(2)If any excess occurs in the tax stability and trust fund over the percentage or maximum dollar amounts specified in Subsection (1), this excess shall be transferred to the county general fund and may be used for all purposes as other amounts in the county general fund are used.

(3)(3)(a) Subject to Subsection (3)(b), if any excess in the fund exists because

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(1) The total amount in a county's tax stability and trust fund established under Section 17-63-806 shall be limited to the percentage of the total taxable value of property in that county not to exceed the limits provided in the following schedule:Total Taxable ValueFund LimitsPercentage ofTaxable Valuebut not toexceed:Less than $500,000,0001.6%$5,000,000From 500,000,000 to 1,500,000,0001.0%7,500,000Over 1,500,000,000.5%15,000,000
(2) If any excess occurs in the tax stability and trust fund over the percentage or maximum dollar amounts specified in Subsection (1), this excess shall be transferred to the county general fund and may be used for all purposes as other amounts in the county general fund are used.
(3) (3)(a) Subject to Subsection (3)(b), if any excess in the fund exists because of a decrease in total taxable value, that excess may remain in the fund.
(3)(b) If the excess amount in the fund is decreased below the limitations of the fund for any reason, the fund limitations established under Subsection (1) apply.
(4) (4)(a) Except as provided in Subsection (5), if the legislative body of a county that has established a tax stability and trust fund under Section 17-63-806 determines that it is necessary for purposes of that county to use any portion of the principal of the fund, the county legislative body shall submit this proposition to the electorate of that county in a special election called and held in the manner provided for in Title 11, Chapter 14, Local Government Bonding Act, for the holding of bond elections.
(4)(b) If the proposition is approved at the special election by a majority of the qualified electors of the county voting at the election, then that portion of the principal of the fund covered by the proposition may be transferred to the county general fund for use for purposes of that county.
(5) (5)(a) The requirements of Subsection (4) do not apply to the use of any portion of the principal of a tax stability and trust fund established under Section 17-63-806 for payment of any refund of property taxes owed by the county as a result of an objection to the assessment of property assessed by the State Tax Commission under Section 59-2-1007.
(5)(b) The legislative body of a county may, by ordinance or resolution, authorize the use of any portion of the tax stability and trust fund for the purpose described in Subsection (5)(a).

Utah § 17-63-807 (Amount in tax stability and trust fund limited -- Disposition of excess -- Use of principal -- Determination of necessity -- Election -- Exception.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.