11-59-104. Loan committee -- Approval of infrastructure loans.

488 words·~2 min read·/ut/title-11/chapter-59/11-59-104

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/4/2022

(1)As used in this section:

(a)"Borrower" means the same as that term is defined in Section 63A-3-401.5 .

(b)"Infrastructure loan" means the same as that term is defined in Section 63A-3-401.5 .

(c)"Infrastructure project" means the same as that term is defined in Section 63A-3-401.5 .

(d)"Point of the mountain fund" means the same as that term is defined in Section 63A-3-401.5 .

(e)"Loan committee" means a committee established under Subsection

(2).

(2)The authority shall establish a five-member loan committee consisting of:

(a)the individual who is the board member appointed by the governor under Subsection 11-59-302(2)(c)(ii) ;

(b)the individual who is a board member under Subsection 11-59-302(2)(e) because the individual is the mayor of Draper or a member of the Draper city council;

(c)the executive director of the Department of Transportation, or the executive director's designee;

(d)an individual, appointed by the governor, who:

(i)is not an elected official; and

(ii)has expertise in public finance or infrastructure development; and

(e)an individual, appointed jointly by the president of the Senate and speaker of the House of Representatives, who:

(i)is not an elected official; and

(ii)has expertise in public finance or infrastructure development.

(a)The loan committee may recommend for board approval an infrastructure loan from the point of the mountain fund to a borrower for an infrastructure project undertaken by the borrower.

(b)An infrastructure loan from the point of the mountain fund may not be made unless:

(i)the infrastructure loan is recommended by the loan committee; and

(ii)the board approves the infrastructure loan.

(4)If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of the infrastructure loan in accordance with Section 63A-3-404 .

(5)The board may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.

(6)Within 60 days after the execution of an infrastructure loan, the board shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:

(a)the Executive Appropriations Committee; and

(b)the State Finance Review Commission created in Section 63C-25-201 .

(a)Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation .

(b)A committee member who is not a legislator may not receive compensation or benefits for the member's service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:

(i)Sections 63A-3-106 and 63A-3-107 ; and

(ii)rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107 .

Amended by Chapter 207 , 2022 General Session

Amended by Chapter 237 , 2022 General Session