63H-1-705 - Audit report.
63H-1-705. Audit report.
(1) The authority shall, within 180 days after the end of the authority's fiscal year, file acopy of the audit report with the county auditor, the State Tax Commission, the State Board ofEducation, and each taxing entity that levies a tax on property from which the authority collectstax increment.
(2) Each audit report under Subsection (1) shall include:
(a) the tax increment collected by the authority for each project area;
(b) the outstanding principal amount of bonds issued or other loans incurred to financethe costs associated with the authority's project areas; and
(c) the actual amount expended for:
(i) acquisition of property;
(ii) site improvements or site preparation costs;
(iii) installation of public utilities or other public improvements; and
(iv) administrative costs of the authority.
Enacted by Chapter 23, 2007 General Session