38-11-206 - Limitations on fund balance -- Payment of special assessments. - Utah Statutes

38-11-206. Limitations on fund balance -- Payment of special assessments.
(1) (a) If on December 31 of any year the balance in the fund is less than $1,500,000, the division shall make a special assessment against all qualified beneficiaries in an amount that willrestore the unencumbered fund balance to not less than $2,000,000 or more than $2,500,000.
(b) The amount of the special assessment shall be determined by the division underSection 63J-1-504 after consultation with the board.
(2) Special assessments made under this section shall be due and payable on May 1following assessment.
(3) The fund balance limitations set forth in Subsection (1)(a) shall be used by thedivision only for the purpose of determining the amount of any special assessment and do notprohibit the fund balance from exceeding $2,500,000 or falling below $2,000,000.

Amended by Chapter 183, 2009 General Session