(1) (a) If the governing body of a local entity designates an assessment area in accordance with Part 2, Designating an Assessment Area, for economic promotion activities, the governing body: (i) subject to Subsection (1)(a)(ii), may levy an assessment to pay for economic promotion activities by adopting an assessment resolution or ordinance in accordance with Section 11-42-404; and (ii) except as provided in Subsection (1)(b), may not levy the assessment for a period longer than five years. (b) A governing body may levy additional assessments to pay for economic promotion activities after the five-year period described in Subsection (1)(a)(ii) if the governing body: (i) designates a new assessment area in accordance with Part 2, Designating an Assessment Area; (ii) adopts a new assessment resolution or ordinance in accordance with Section 11-42-404; (iii) limits each additional assessment to a five-year period; and (iv) complies with Subsections (1)(b)(i) through (iii) for each additional assessment. (2) If a local entity designates an assessment area for economic promotion activities, the local entity: (a) 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; (b) 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 (c) in accordance with Subsection (3), shall publish a detailed report including the following: (i) an account of money deposited into the assessment fund described in Section 11-42-412; (ii) an account of expenditures from the fund described in Section 11-42-412; and (iii) a detailed account of whether each expenditure described in Subsection (2)(c)(ii) was made for economic promotion activities described in Subsection (2)(a) or for administrative costs described in Subsection (2)(b). (3) A local entity shall publish a report required in Subsection (2)(c): (a) on: (i) if available, the local entity's public web site; and (ii) 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; (b) (i) within one year after the day on which the local entity adopts a new assessment resolution or ordinance for economic promotion activities; and (ii) each subsequent year that the economic promotion activities levy is assessed by updating the information described in Subsection (2)(c); and (c) for six months on a web site described in Subsection (3)(a) after the day on which the report is initially published under Subsection (3)(b) or updated under Subsection (3)(b)(ii).
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