11-42-504 - Assessments on property that the local entity acquires at tax sale or foreclosure -- Transferring title of property in lieu of paying assessments -- Reimbursement.
11-42-504. Assessments on property that the local entity acquires at tax sale orforeclosure -- Transferring title of property in lieu of paying assessments --Reimbursement.
(1) (a) Each local entity that purchases property at a tax sale or foreclosure under this partshall pay into the assessment fund all applicable annual installments of assessments and interestfor as long as the local entity owns the property.
(b) A local entity may make payments required under this Subsection (1) from theguaranty fund or reserve fund.
(2) (a) In lieu of making payments under Subsection (1), a local entity may elect totransfer title of the property to the owners of all outstanding assessment bonds, refundingassessment bonds, interim warrants, or bond anticipation notes as payment in full for alldelinquent assessments with respect to the property.
(b) If a local entity transfers title to property as provided in Subsection (2)(a) or sellsproperty it has received from a tax sale or foreclosure, the selling price may not be less than theamount sufficient to reimburse the local entity for all amounts the local entity paid with respectto an assessment on the property, including an amount sufficient to reimburse the guaranty fundor reserve fund, as the case may be, for all amounts paid from the fund for delinquentassessments or installments of assessments relating to the property, plus interest, penalties, andcosts.
(c) Each local entity that sells property it has received from a tax sale or foreclosure shallplace the money it receives from the sale into the guaranty fund, reserve fund, or other localentity fund, as the case may be, to the extent of full reimbursement as required in this section.
Enacted by Chapter 329, 2007 General Session