State Codes and Statutes

Statutes > Utah > Title-11 > Chapter-42 > 11-42-705

11-42-705. Warrants to meet guaranty fund and reserve fund liabilities -- Levy topay warrants authorized -- Limit on the levy.
(1) A local entity may issue warrants, bearing interest at a rate determined by thegoverning body, against a guaranty fund or reserve fund to meet any financial liabilities accruingagainst the fund.
(2) (a) If a local entity issues warrants under Subsection (1), the local entity shall, subjectto Subsection (2)(b), include in its next annual tax levy an amount sufficient, with other guarantyfund or reserve fund resources, to pay all issued and outstanding warrants under Subsection (1)for all assessment areas within the local entity.
(b) A levy under Subsection (2)(a):
(i) may not exceed .0002 per dollar of taxable value of taxable property in the localentity; and
(ii) is exempt from the statutory limit applicable to the local entity's property tax levy.

Enacted by Chapter 329, 2007 General Session