53-2a-607. Creation and administration.

243 words·~1 min read·/ut/title-53/chapter-2a/53-2a-607

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

Effective 5/10/2016

(a)There is created an enterprise fund known as the Local Government Emergency Response Loan Fund.

(b)The division as defined in Section 53-2a-103 is the administrator of the fund.

(2)The fund consists of:

(a)money appropriated to the fund by the Legislature;

(b)money received for the repayment of loans made from the fund;

(c)interest earned on the fund; and

(d)money deposited into the fund in accordance with Section 63J-1-314 .

(3)The money in the fund shall be invested by the state treasurer according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act , except that all interest or other earnings derived from money in the fund shall be deposited into the fund.

(4)Local government entities may apply through the division for a short-term loan from the fund for the purposes provided in Section 53-2a-608 , provided that the local government entity:

(a)agrees to the terms of the loan; and

(b)is not in default on any other state loans administered by the Division of Finance or any other state agency.

(5)The division may not loan out:

(a)more than 50% of the total account balance available at the time that a loan request is made by a local government entity; or

(b)an amount that will leave the fund balance at less than $10,000,000.

Enacted by Chapter 134 , 2016 General Session