63M-5-303 - Public facility -- Prepayment of sales and use tax in installments.
63M-5-303. Public facility -- Prepayment of sales and use tax in installments.
Notwithstanding anything to the contrary contained in this chapter, prepaid sales or usetaxes sufficient to construct a particular public facility need not be prepaid in one sum but may beprepaid in installments as may be required by the state or any of its agencies or politicalsubdivisions in fulfilling contractual commitments for the construction of the public facility if thestate receives assurance that the funds for the agreed project will be prepaid to the State TaxCommission at the time or times for which the state or any of its agencies or politicalsubdivisions have made contractual commitments for the disbursement of these funds for thepublic facility. In no event shall the total accumulated prepayment be less than the amount ofsales and use taxes due for the calendar quarters for which returns are required to be filed underSection 59-12-107.
Renumbered and Amended by Chapter 382, 2008 General Session