Section 63G-7-704 - Tax levy by political subdivisions for payment of claims, judgments, or insurance premiums(1) Notwithstanding any provision of law to the contrary, a political subdivision may levy an annual property tax sufficient to pay: (a) any claim, settlement, or judgment, including interest payments and issuance costs for bonds issued under Subsection 11-14-103(1)(d) to pay the portion of any claim, settlement, or judgment that exceeds $3,000,000;(b) the costs to defend against any claim, settlement, or judgment; or(c) for the establishment and maintenance of a reserve fund for the payment of claims, settlements, or judgments that may be reasonably anticipated.(2)(a) The payments authorized to pay for punitive damages or to pay the premium for authorized insurance is money spent for a public purpose within the meaning of this section and Utah Constitution, Article XIII, Sec. 5, even though, as a result of the levy, the maximum levy as otherwise restricted by law is exceeded.(b)(i) Except as provided in Subsection (2)(b)(ii), a levy under this section may not exceed .0001 per dollar of taxable value of taxable property.(ii) A levy under Subsection (1)(a) to pay the portion of any claim, settlement, or judgment that exceeds $3,000,000 may not exceed .001 per dollar of taxable value of taxable property.(c) Except as provided in Subsection 17-36-29(1), the revenues derived from this levy may not be used for any purpose other than those specified in this section.(3) Beginning January 1, 2012, a local school board may not levy a tax in accordance with this section.(4) A political subdivision that levies an annual property tax under Subsection (1)(a) to pay the portion of any claim, settlement, or judgment that exceeds $3,000,000: (a) shall comply with the notice and public hearing requirements under Section 59-2-919; and(b) may levy the annual property tax until the bonds' maturity dates expire.Amended by Chapter 453, 2017 General Session ,§ 2, eff. 3/28/2017.Amended by Chapter 386, 2016 General Session ,§ 3, eff. 5/10/2016.Amended by Chapter 371, 2011, 2011 General Session