10-5-119 - Special fund balance -- Disposition when fund no longer required.
10-5-119. Special fund balance -- Disposition when fund no longer required.
Whenever the necessity for maintaining any special fund of a town has ceased to existand a balance remains in the fund, the governing body shall authorize the transfer of the balanceto the fund balance account in the general fund of the town, subject to the following:
(1) Any balance remaining in a special assessment fund and any unrequired balance in itsspecial improvements guaranty fund shall be treated in the manner provided in Sections11-42-413 and 11-42-701;
(2) Any balance remaining in a capital improvements or capital projects fund shall betransferred to the appropriate debt service fund or other fund as the bond ordinance may requireand otherwise to the fund balance account in the general fund;
(3) Whenever any balance held in a trust fund for a specific purpose, other than acemetery perpetual care trust fund, is to be transferred because its original purpose or restrictionhas ceased to exist, a public hearing shall be held in the manner provided in Sections 10-5-108and 10-5-109. The published notice shall invite those persons who contributed to the fund toappear at the hearing. If the council determines the fund balance amounts are refundable to theoriginal contributors, a 30-day period following the hearing shall be allowed for persons havingan interest in the fund to file with the council a verified claim only for the amount of eachclaimant's contributions. Any claim not filed in accordance with this section shall be invalid. Any balance remaining, after refunds to eligible contributors, shall be transferred to the fundbalance account in the general fund of the town; and
(4) Whenever the council decides, in conformity with applicable laws and ordinances,that the need for continued maintenance of its cemetery perpetual care trust fund no longer exists,it may transfer the balance in such fund to the capital improvements fund for expenditure forland, buildings, and major improvements to be used exclusively for cemetery purposes.
Amended by Chapter 329, 2007 General Session