17-36-51 - Establishment of tax stability and trust fund -- Increase in tax levy.
17-36-51. Establishment of tax stability and trust fund -- Increase in tax levy.
(1) (a) Notwithstanding anything to the contrary contained in statute, the legislative bodyof any county may by ordinance establish and maintain a tax stability and trust fund, for thepurpose of preserving funds during years with favorable tax revenues for use during years withless favorable tax revenues.
(b) Each fund under Subsection (1)(a) shall be subject to all of the limitations andrestrictions imposed by this section and Sections 17-36-52 and 17-36-53.
(c) The principal of the fund shall consist of all sums transferred to it in accordance withSubsection (2) and interest or other income retained in the fund under Subsection 17-36-52(2).
(2) After establishing a tax stability and trust fund as provided in Subsection (1), thelegislative body, in establishing the levy for the property tax levied by the county under Section59-2-908, may establish the levy at a level not to exceed .0001 per dollar of taxable value oftaxable property increase per year that will permit the county to receive during that fiscal yearsums in excess of what may be required to provide for the purposes of the county. Any excesssums so received are to be transferred from the General Fund of the county into the tax stabilityand trust fund.
Renumbered and Amended by Chapter 133, 2000 General Session