As Amended
SEC. 21-33-507. Use of proceeds from special tax levied on real estate.
(1) The proceeds of any special tax levied on real estate property located within a special local improvement taxing district under Section 21-33-503(1) may be used to pay costs including administrative costs of and relating to exercising the powers set forth in Section 21-33-505(1).
Nothing stated herein shall prevent the use of such special tax for the purpose of planning and design of local improvement for any property located within a district and the coordination of landscape design on different parcels of property.
(2) (a) The proceeds of any special ad valorem tax levied on real property located within a special local improvement taxing district under Section 21-33-503(2) may be used to pay costs including administrative costs of and relating to exercising the powers set forth in Section 21-33-505(2). The municipality shall hold the proceeds of the special ad valorem tax levy until disbursing the proceeds to the homeowners' association representing the area in a district created under Section 21-33-503(2). The proceeds from the special ad valorem tax levy disbursed to a homeowners' association shall remain public funds and shall be subject to review by the State Auditor of Public Accounts. The municipality may retain a portion of the proceeds of such tax levy in an amount necessary to defray costs incurred by the municipality in establishing a district or modifying the boundaries of a district. A homeowners' association shall keep the proceeds of such ad valorem tax levy separate and apart from other funds of the association. Accounting for receipts and expenditures of proceeds from the ad valorem tax levy shall be made separately and apart from the accounting of receipts and expenditures of the homeowners' association for other funds of the district. The homeowners' association shall have its books and records audited annually by an independent certified public accountant and shall file a written report of the audit with the clerk of the municipality. The clerk of the municipality shall make the report of the audit available for public review. A special local improvement taxing district shall operate on the same fiscal year as the municipality.
(b) Nothing in this subsection (2) shall prevent the use of such special tax for the purpose of planning and design of local improvements for any property located within a district and the coordination of landscape design on different parcels of property.
SOURCES: Laws, 1993, ch. 573, Sec. 4, eff from and after passage (approved April 19, 1993) and shall stand repealed July 1, 1998; reenacted without change, Laws, 1998, Ch. 502, § 4 HB 652, eff July 1, 1998, and shall stand repealed July 1, 2001. Amended by Laws 2000, Ch. 459, Sec. 4, HB1545, eff. from and after effectuation under Section 5 of the Voting Rights Act of 1965, as amended and extended.
PREVIOUS VERSIONS: Pre-2000