increment. (1) A TIF entity that submits the required information under Section 59-36-201 may engage in a specified event according to: (a) the statutory requirements governing the TIF entity; and (b) this section. (2) (a) Except as provided in Subsection (2)(b), a TIF entity described in Subsection (1) shall notify: (i) within 30 calendar days, all taxing entities that will be affected by a planned tax increment area: (A) for which the TIF entity has submitted the information required under Section 59-36-201; and (B) that the TIF entity intends to trigger tax increment; (ii) the collecting entities no later than December 31 the year before the TIF entity intends to begin receiving property tax increment; and (iii) the commission no later than 180 days before the beginning of the fiscal quarter during which the TIF entity intends to begin receiving sales and use tax increment. (b) If the TIF entity is required to comply with a different notification time period than the time periods described in Subsection (2)(a), the TIF entity shall comply with the notification period that provides the greater amount of time for notification. (3) (a) If a TIF entity does not engage in a specified event within five years after the day on which the TIF entity submits the information required by Section 59-36-201, the TIF entity shall: (i) hold a new authorization meeting, with updated information if applicable; and (ii) submit the information required by Section 59-36-201. (b) (i) If a TIF entity's disclosure includes all the information required by this Subsection (3), the TIF entity may engage in a specified event. (ii) If the program manager notifies the TIF entity of a deficiency in the disclosure, the TIF entity shall provide the requested additional disclosure information. (iii) A TIF entity that receives a request from the program manager under Subsection (3)(b)(ii) shall respond to the request. (4) (a) A local entity that receives more tax increment than projected is required to use the additional or excess revenue to defease any bond the local entity issued or accelerate repayment of any debts the local entity incurred if the bond or debt does not have any penalty or prohibition on defeasance of the bond or acceleration of the debt repayment. (b) A TIF entity may not use tax increment for any purpose other than the purpose described in the disclosure. (c) (i) A TIF entity is responsible for monitoring the TIF entity's receipt of tax increment and notifying taxing entities and collecting entities when the TIF entity is approaching, has met, or has exceeded the amount of tax increment stated in the disclosure. (ii) A TIF entity that receives more than the amount of tax increment stated in the disclosure: (A) shall immediately inform the county auditor, the county assessor, and the commission; (B) shall be responsible for ensuring the excess tax increment is returned to the appropriate taxing entities; and (C) may request assistance from the county and the commission in fulfilling the duty described in Subsection (4)(c)(ii)(B). (5) At the end of a collection time period, or upon receipt of the amount of tax increment stated in a disclosure, the TIF entity may not receive tax increment. (6) A TIF entity shall comply with the requirements of this part for any additional or subsequent specified event.
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