11-70-104.
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/ut/title-11/chapter-70/11-70-104A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/1/2024
11-70-104. Loan approval committee -- Approval of infrastructure loans
(1)As used in this section:
(a)"Borrower" means the same as that term is defined in Section 63A-3-401.5 .
(b)"Fairpark district development fund" means the same as that term is defined in Section 63A-3-401.5 .
(c)"Infrastructure loan" means the same as that term is defined in Section 63A-3-401.5 .
(d)"Infrastructure project" means the same as that term is defined in Section 63A-3-401.5 .
(e)"Loan approval committee" means a committee established under Subsection (2).
(a)The fairpark district shall establish a loan committee consisting of:
(i)two individuals with expertise in public finance or infrastructure development, appointed by the governor;
(ii)one individual with expertise in public finance or infrastructure development, appointed by the president of the Senate;
(iii)one individual with expertise in public finance or infrastructure development, appointed by the speaker of the House of Representatives; and
(iv)one individual with expertise in public finance or infrastructure development, appointed jointly by the president of the Senate and the speaker of the House of Representatives.
(b)A board member may not be appointed to or serve as a member of the loan committee.
(a)The loan committee may recommend for board approval an infrastructure loan from the fairpark district development fund to a borrower for an infrastructure project undertaken by the borrower.
(b)An infrastructure loan from the fairpark district development fund may not be made unless:
(i)the infrastructure loan is recommended by the loan committee; and
(ii)the board approves the infrastructure loan.
(a)If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of an infrastructure loan in accordance with Section 63A-3-404 .
(b)The board shall require the terms of an infrastructure loan secured by enhanced property tax revenue to include a requirement that money from the infrastructure loan be used only for an infrastructure project within the project area that generates the enhanced property tax revenue.
(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 .
Enacted by Chapter 419 , 2024 General Session