Rep. Norm Thurston — Voting Record

Bill

Number

S.B. 205 (2015GS)

Sponsor

Sen. Bramble, C.

Final action

Governor Signed 3/31/2015

Outcome

Became law — signed by Gov. Gary R. Herbert

Summary

What it does

• This bill:
• authorizes a local entity to transfer title to property in satisfaction of debt if certain requirements are met.

Every vote on this bill

Bill text

ASSESSMENT AREA REVISIONS
GENERAL SESSION
STATE OF UTAH
Chief Sponsor: Curtis S. Bramble
House Sponsor: 
 Daniel McCay
LONG TITLE
General Description:
This bill enacts language related to assessment area bonds.
Highlighted Provisions:
This bill:
▸ authorizes a local entity to transfer title to property in satisfaction of debt if certain
requirements are met.
Money Appropriated in this Bill:
None
Other Special Clauses:
None
Utah Code Sections Affected:
AMENDS:
11-42-504
, as enacted by Laws of Utah 2007, Chapter 329
Be it enacted by the Legislature of the state of Utah:
Section 1. Section 
11-42-504
 is amended to read:
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.
(1) (a) Each local entity that purchases property at a tax sale or foreclosure under this
part shall pay into the assessment fund all applicable annual installments of assessments and
interest for as long as the local entity owns the property.
(b) A local entity may make payments required under this Subsection (1) from the
guaranty fund or reserve fund.
(2) (a) In lieu of making payments under Subsection (1), a local entity may elect to
transfer title of the property to the owners of all outstanding assessment bonds, refunding
assessment bonds, interim warrants, or bond anticipation notes as payment in full for all
delinquent assessments with respect to the property[
.
] 
only if:
(i) the local entity and owners agree to the election to transfer; and
(ii) an indenture, private placement memo, or other document or contract
memorializing the terms of debt explicitly discloses the terms of the agreement described in
Subsection (2)(a)(i).
(b) If a local entity transfers title to property as provided in Subsection (2)(a) or sells
property it has received from a tax sale or foreclosure, the selling price may not be less than the
amount sufficient to reimburse the local entity for all amounts the local entity paid with respect
to an assessment on the property, including an amount sufficient to reimburse the guaranty
fund or reserve fund, as the case may be, for all amounts paid from the fund for delinquent
assessments or installments of assessments relating to the property, plus interest, penalties, and
costs.
(c) Each local entity that sells property it has received from a tax sale or foreclosure
shall place the money it receives from the sale into the guaranty fund, reserve fund, or other
local entity fund, as the case may be, to the extent of full reimbursement as required in this
section.
Legislative Review Note
 as of 2-12-15 11:13 AM
Office of Legislative Research and General Counsel