11-42-406. Assessment for economic promotion activities -- Duration -- Reporting.
(1) If the governing body of a local entity designates an assessment area in accordance with, for economic promotion activities, the governing body: Part 2, Designating an Assessment Area subject to Subsection, may levy an assessment to pay for economic promotion activities by adopting an assessment resolution or ordinance in accordance with Section; and (1)(a)(ii) 11-42-404 except as provided in Subsection, may not levy the assessment for a period longer than five years. (1)(b) A governing body may levy additional assessments to pay for economic promotion activities after the five-year period described in Subsectionif the governing body: (1)(a)(ii) designates a new assessment area in accordance with; Part 2, Designating an Assessment Area adopts a new assessment resolution or ordinance in accordance with Section; 11-42-404 limits each additional assessment to a five-year period; and complies with Subsectionsthroughfor each additional assessment. (1)(b)(i) (iii)
(2) If a local entity designates an assessment area for economic promotion activities, the local entity: shall spend on economic promotion activities at least 70% of the money generated from an assessment levied in the assessment area and from improvement revenues; may not spend more than 30% of the money generated from the assessment levied in the assessment area and from improvement revenues on administrative costs, including salaries, benefits, rent, travel, and costs incidental to publications; and in accordance with Subsection, shall publish a detailed report including the following: (3) an account of money deposited into the assessment fund described in Section; 11-42-412 an account of expenditures from the fund described in Section; and 11-42-412 a detailed account of whether each expenditure described in Subsectionwas made for economic promotion activities described in Subsectionor for administrative costs described in Subsection. (2)(c)(ii) (2)(a) (2)(b)
(3) A local entity shall publish a report required in Subsection: (2)(c) on: if available, the local entity's public web site; and if the local entity is not a county or municipality, on the public web site of any county or municipality in which the local entity has jurisdiction; within one year after the day on which the local entity adopts a new assessment resolution or ordinance for economic promotion activities; and each subsequent year that the economic promotion activities levy is assessed by updating the information described in Subsection; and (2)(c) for six months on a web site described in Subsectionafter the day on which the report is initially published under Subsectionor updated under Subsection. (3)(a) (3)(b) (3)(b)(ii)