Tax stability and trust fund -- Amount in fund limited -- Disposition of excess.
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(1) The total amount in a county's tax stability and trust fund established under Section 17-36-51 shall be limited to the percentage of the total taxable value of property in that county not to exceed the limits provided in the following schedule:
Total Taxable ValueFund Limits Percentage of Taxable Valuebut not to exceed:
Less than $500,000,0001.6%$5,000,000
From 500,000,000 to 1,500,000,000 1.0% 7,500,000
Over 1,500,000,000.5%15,000,000
(2) If any excess occurs in the tax stability and trust fund over the percentage or maximum dollar amounts specified in Subsection (1), this excess shall be transferred to the county general fund and may be used for all purposes as other amounts in the county general fund are used.
(3)
(a) Subject to Subsection (3)(b), if any excess in the fund exists because of a decrease in total taxable value, that excess may remain in the fund.
(b) If the excess amount in the fund is decreased below the limitations of the fund for any reason, the fund limitations established under Subsection (1) apply.