63H-1-502 - Allowable uses of tax increment and other funds.
63H-1-502. Allowable uses of tax increment and other funds.
(1) The authority may use tax increment and other funds available to the authority, otherthan municipal services revenue:
(a) for any purpose authorized under this chapter;
(b) for administrative, overhead, legal, and other operating expenses of the authority;
(c) to pay for, including financing or refinancing, all or part of the development of landwithin the project area from which the tax increment funds or other funds were collected,including assisting the ongoing operation of any development or facility within the project area;
(d) to pay the cost of the installation and construction of any publicly ownedinfrastructure and improvements within the project area from which the tax increment funds werecollected;
(e) to pay the cost of the installation of publicly owned infrastructure and improvementsoutside the project area if the authority board determines by resolution that the infrastructure andimprovements are of benefit to the project area; and
(f) to pay the principal of and interest on bonds issued by the authority.
(2) The authority may use revenue generated from the operation of publicly ownedinfrastructure operated by the authority or improvements operated by the authority to:
(a) operate and maintain the infrastructure or improvements; and
(b) pay for authority operating expenses, including administrative, overhead, and legalexpenses.
(3) For purposes of Subsection (1), the authority may use:
(a) tax revenues received under Subsection 59-12-205(2)(b)(ii); and
(b) resort communities tax revenues generated from a project area that contains privateland.
(4) The determination of the authority board under Subsection (1)(e) regarding benefit tothe project area shall be final and conclusive.
Amended by Chapter 9, 2010 General Session