Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-42-413. Surplus assessments--Payment of bonds--Rebate of assessment if improvements abandoned

(a) “Current owner” means the owner of property at the time a rebate under this section is paid.

(b) “Last-known address” means the last address of an owner of property within an assessment area according to the last completed real property assessment roll of the county in which the property is located.

(c) “Net assessment” means the amount of an assessment after subtracting:

(2)(a) If the total cost of completed and accepted improvements is less than the total amount of assessments levied for those improvements, the local entity shall place the surplus in the assessment fund.

(b) If a local entity issues assessment bonds before a surplus under Subsection (2)(a) is determined, the local entity shall hold the surplus in the assessment fund and use the surplus for the payment of the bonds, interest, and any penalties and costs.