Utah § 17B-1-511 Continuation of tax levy or assessment after withdrawal to pay for proportionate share of district bonds.

Utah Statutes

§ 17B-1-511 — Continuation of tax levy or assessment after withdrawal to pay for proportionate share of district bonds.

Utah·Title 17B Limited Purpose Local Government Entities - Special Districts·Ch. 17B-1 Provisions Applicable to All Special Districts·Part 17B-1-5 Withdrawal

(1)Other than as provided in Subsection (2), and unless an escrow trust fund is established and funded pursuant to Subsection 17B-1-510(5)(j), property within the withdrawn area shall continue after withdrawal to be taxable by the special district:

(1)(a) for the purpose of paying the withdrawn area's just proportion of the special district's general obligation bonds or lease obligations payable from property taxes with respect to lease revenue bonds issued by a local building authority on behalf of the special district, other than those bonds treated as revenue bonds under Subsection 17B-1-510(5)(i), until the bonded indebtedness has been satisfied; and

(1)(b) to the extent and for the years necessary to generate sufficient revenue that, when combined with the revenues from the district

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(1) Other than as provided in Subsection (2), and unless an escrow trust fund is established and funded pursuant to Subsection 17B-1-510(5)(j), property within the withdrawn area shall continue after withdrawal to be taxable by the special district:
(1)(a) for the purpose of paying the withdrawn area's just proportion of the special district's general obligation bonds or lease obligations payable from property taxes with respect to lease revenue bonds issued by a local building authority on behalf of the special district, other than those bonds treated as revenue bonds under Subsection 17B-1-510(5)(i), until the bonded indebtedness has been satisfied; and
(1)(b) to the extent and for the years necessary to generate sufficient revenue that, when combined with the revenues from the district remaining after withdrawal, is sufficient to provide for the payment of principal and interest on the district's general obligation bonds that are treated as revenue bonds under Subsection 17B-1-510(5)(i).
(2) For a special district funded predominately by revenues other than property taxes, service charges, or assessments based upon an allotment of acre-feet of water, property within the withdrawn area shall continue to be taxable by the special district for purposes of paying the withdrawn area's proportionate share of bonded indebtedness or judgments against the special district incurred prior to the date the petition was filed.
(3) An area withdrawn from an infrastructure financing district remains subject to any taxes, fees, and assessments imposed by the infrastructure financing district until obligations allocable to the withdrawn area are paid.
(4) Except as provided in Subsections (1), (2), and (3), upon withdrawal, the withdrawing area is relieved of all other taxes, assessments, and charges levied by the district, including taxes and charges for the payment of revenue bonds and maintenance and operation cost of the special district.

Utah § 17B-1-511 (Continuation of tax levy or assessment after withdrawal to pay for proportionate share of district bonds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.