This document includes Senate Committee Amendments incorporated into the bill on Thu, Feb 19, 2015 at 10:50 AM by lpoole.
This document includes House Committee Amendments incorporated into the bill on Mon, Mar 9, 2015 at 2:59 PM by jeyring.
1     
ASSESSMENT AREA REVISIONS

2     
2015 GENERAL SESSION

3     
STATE OF UTAH

4     
Chief Sponsor: Curtis S. Bramble

5     
House Sponsor: Daniel McCay

6     

7     LONG TITLE
8     General Description:
9          This bill enacts language related to assessment area bonds.
10     Highlighted Provisions:
11          This bill:
12          ▸     authorizes a local entity to transfer title to property in satisfaction of debt if certain
13     requirements are met.
14     Money Appropriated in this Bill:
15          None
16     Other Special Clauses:
17          None
18     Utah Code Sections Affected:
19     AMENDS:
20          11-42-504, as enacted by Laws of Utah 2007, Chapter 329
21     

22     Be it enacted by the Legislature of the state of Utah:
23          Section 1. Section 11-42-504 is amended to read:
24          11-42-504. Assessments on property that the local entity acquires at tax sale or
25     foreclosure -- Transferring title of property in lieu of paying assessments --
26     Reimbursement.
27          (1) (a) Each local entity that purchases property at a tax sale or foreclosure under this

28     part shall pay into the assessment fund all applicable annual installments of assessments and
29     interest for as long as the local entity owns the property.
30          (b) A local entity may make payments required under this Subsection (1) from the
31     guaranty fund or reserve fund.
32          (2) (a) Ĥ→ [
Ŝ→] [[] In []] [For assessment bonds, refunding assessment bonds, interim
32a1     warrants, or
32a     bond anticipation notes sold after May 12, 2015, in ←Ŝ
] ←Ĥ lieu of making payments under
32b     Subsection (1), a local entity may elect to
33     transfer title of the property to the owners of all outstanding assessment bonds, refunding
34     assessment bonds, interim warrants, or bond anticipation notes as payment in full for all
35     delinquent assessments with respect to the property[.] only if:
36          (i) the local entity and owners agree to the election to transfer; and
37          (ii) an indenture, private placement memo, or other document or contract
38     memorializing the terms of debt explicitly discloses the terms of the agreement described in
39     Subsection (2)(a)(i).
40          (b) If a local entity transfers title to property as provided in Subsection (2)(a) or sells
41     property it has received from a tax sale or foreclosure, the selling price may not be less than the
42     amount sufficient to reimburse the local entity for all amounts the local entity paid with respect
43     to an assessment on the property, including an amount sufficient to reimburse the guaranty
44     fund or reserve fund, as the case may be, for all amounts paid from the fund for delinquent
45     assessments or installments of assessments relating to the property, plus interest, penalties, and
46     costs.
47          (c) Each local entity that sells property it has received from a tax sale or foreclosure
48     shall place the money it receives from the sale into the guaranty fund, reserve fund, or other
49     local entity fund, as the case may be, to the extent of full reimbursement as required in this
50     section.






Legislative Review Note
     as of 2-12-15 11:13 AM


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