Section 17C-1-702 - Project area dissolution - Use of unexpended funds for housing(1) Regardless of when a project area funds collection period ends, the project area remains in existence until: (a) the agency adopts a resolution dissolving the project area; and(b) the community legislative body adopts an ordinance dissolving the project area.(2) The ordinance described in Subsection (1)(b) shall include: (a) the name of the project area; and(b) a project area map or boundary description.(3) Within 30 days after the day on which the community legislative body adopts an ordinance described in Subsection (1)(b), the community legislative body shall: (a) submit a copy of the ordinance to the county recorder of the county in which the dissolved project area is located; and(b) mail or electronically submit a copy of the ordinance to the county auditor, the State Tax Commission, the State Board of Education, and each taxing entity that levies or imposes a tax on property within the dissolved project area.(4)(a) As used in this Subsection (4), "dormancy period" means a period that ends the later of:(i) five years after the project area funds collection period ends; and(ii) five years after the effective date of this section.(b) An agency with project area funds remaining at the end of the dormancy period shall use the unexpended funds as provided in Subsection 17C-1-412(1)(b).Amended by Chapter 316, 2024 General Session ,§ 4, eff. 5/1/2024.Added by Chapter 350, 2016 General Session ,§ 62, eff. 5/10/2016.