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) * * * 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 reasonable costs including administrative costs of and
relating to exercising the powers set forth in Section 21-33-505(2).
The municipality shall disburse the proceeds of the tax on a monthly basis
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 audit and
review by the State Auditor of Public Accounts. * * * A homeowners' association
shall keep the proceeds of such ad valorem tax levy separate and apart
from any 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 any 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 * * * the audit with the clerk of the
municipality not later than thirty (30) days after the end of each fiscal
year of the municipality. The clerk of the municipality shall make the
* * * audit available for public review and copying. A special local improvement
taxing district
shall operate on the same fiscal year as the municipality.
SOURCES: Laws, 1993, ch. 573, § 4; Laws, 2000, ch. 459, § 4, HB 844, eff from and after February 12, 2001(the date the United States Attorney General interposed no objection under Section 5 of the Voting Rights Act of 1965 to the amendment of this section).
PREVIOUS VERSIONS: Pre-2001