(1) An assessment levied within an assessment area may not, in the aggregate, exceed the sum of: (a) the contract price or estimated contract price; (b) the acquisition price of improvements; (c) the reasonable cost of: (i) (A) utility services, maintenance, and operation, to the extent permitted by Subsection 11-42-401(4); and (B) labor, materials, or equipment supplied by the local entity; (ii) economic promotion activities; or (iii) operation and maintenance costs; (d) the price or estimated price of purchasing property; (e) any connection fees; (f) estimated interest on interim warrants and bond anticipation notes issued with respect to an assessment area; (g) the capitalized interest on each assessment bond; (h) overhead costs not to exceed 15% of the sum of Subsections (1)(a), (b), (c), and (e); (i) an amount for contingencies of not more than 10% of the sum of Subsections (1)(a) and (c), if the assessment is levied before construction of the improvements in the assessment area is completed; (j) an amount sufficient to fund a reserve fund, if the governing body creates and funds a reserve fund as provided in Section 11-42-702; (k) 1/2 the cost of grading changes as provided in Section 11-42-407; and (l) incidental costs incurred by a property owner in order to satisfy the local entity's requirements for inclusion in a voluntary assessment area, if applicable.

(a) the contract price or estimated contract price;

(b) the acquisition price of improvements;

(c) the reasonable cost of: (i) (A) utility services, maintenance, and operation, to the extent permitted by Subsection 11-42-401(4); and (B) labor, materials, or equipment supplied by the local entity; (ii) economic promotion activities; or (iii) operation and maintenance costs;

(i) (A) utility services, maintenance, and operation, to the extent permitted by Subsection 11-42-401(4); and (B) labor, materials, or equipment supplied by the local entity;

(A) utility services, maintenance, and operation, to the extent permitted by Subsection 11-42-401(4); and

(B) labor, materials, or equipment supplied by the local entity;

(ii) economic promotion activities; or

(iii) operation and maintenance costs;

(d) the price or estimated price of purchasing property;

(e) any connection fees;

(f) estimated interest on interim warrants and bond anticipation notes issued with respect to an assessment area;

(g) the capitalized interest on each assessment bond;

(h) overhead costs not to exceed 15% of the sum of Subsections (1)(a), (b), (c), and (e);

(i) an amount for contingencies of not more than 10% of the sum of Subsections (1)(a) and (c), if the assessment is levied before construction of the improvements in the assessment area is completed;

(j) an amount sufficient to fund a reserve fund, if the governing body creates and funds a reserve fund as provided in Section 11-42-702;

(k) 1/2 the cost of grading changes as provided in Section 11-42-407; and

(l) incidental costs incurred by a property owner in order to satisfy the local entity's requirements for inclusion in a voluntary assessment area, if applicable.

(2) Each local entity providing an improvement in an assessment area shall pay, from improvement revenues not pledged to the payment of bonds and from any other legally available money: (a) overhead costs for which an assessment cannot be levied; (b) the costs of providing an improvement for which an assessment was not levied, if the assessment is levied before construction of the improvement in the assessment area is completed; and (c) the acquisition and constructions costs of an improvement for the benefit of property against which an assessment may not be levied.

(a) overhead costs for which an assessment cannot be levied;

(b) the costs of providing an improvement for which an assessment was not levied, if the assessment is levied before construction of the improvement in the assessment area is completed; and

(c) the acquisition and constructions costs of an improvement for the benefit of property against which an assessment may not be levied.