54-8-21 - Assessments -- Prepayment of unpaid installments. - Utah Statutes

54-8-21. Assessments -- Prepayment of unpaid installments.
The governing body may in the resolution levying the assessments provide that all unpaidinstallments of assessments levied against any piece of property may (but only in their entirety) bepaid prior to the dates on which they become due if the property owner paying such installmentspays all interest which would accrue thereon to the next succeeding date on which interest ispayable on the bonds issued in anticipation of the collection of the assessments, together withsuch additional amount of interest as in the opinion of the governing body is necessary to assurethe availability of money fully sufficient to pay interest on the bonds as interest becomes due andany redemption premiums which may become payable on the bonds in order to retire in advanceof maturity bonds in a sufficient amount to utilize the assessments thus paid in advance. If nobonds have been issued then all unpaid installments of assessments levied against any piece ofproperty may be paid in their entirety prior to the date upon which they become due by paying theprincipal amount due and the interest accrued thereon to the date of payment.

Enacted by Chapter 157, 1969 General Session