11-32-2 - Definitions. - Utah Statutes

11-32-2. Definitions.
As used in this chapter:
(1) "Assignment agreement" means the agreement, security agreement, indenture, orother documentation by which the county transfers the delinquent tax receivables to the authorityin consideration of the amounts paid by the authority under the assignment agreement, asprovided in this chapter.
(2) "Bonds" means any bonds, notes, or other evidence of indebtedness of the financingauthority issued under this chapter.
(3) "Delinquent tax receivables" means those ad valorem tangible property taxes leviedwithin any county, for any year, which remain unpaid and owing the participant members withinthe county, as of January 15 of the following year, plus any interest and penalties accruing orassessed to them.
(4) "Financing authority" or "authority" means a nonprofit corporation organized underthis chapter by a county on behalf of the participant members within the county as the financingauthority for the participant members solely for the purpose of financing the assignment of thedelinquent tax receivables of the participant members for which it was created.
(5) "Governing body" means the council, commission, county legislative body, board ofeducation, board of trustees, or any other governing entity of a public body in which thelegislative powers of the public body are vested.
(6) "Participant members" means those public bodies, including the county, thegoverning bodies of which approve the creation of an authority as provided in Section 11-32-3and on whose behalf the authority acts.
(7) "Public body" means any city, town, county, school district, special service district,local district, community development and renewal agency, or any other entity entitled to receivead valorem property taxes, existing under the laws of the state.

Amended by Chapter 360, 2008 General Session