63A-3-401.5. Definitions.

597 words·~3 min read·/ut/title-63a/chapter-3/63a-3-401-5

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

Effective 5/1/2024

As used in this part:

(1)"Borrower" means a person who borrows money from an infrastructure fund for an infrastructure project.

(2)"Fairpark district development fund" means the infrastructure fund created in Subsection 63A-3-402 (1)(c).

(3)"Independent political subdivision" means:

(a)the Utah Inland Port Authority created in Section 11-58-201 ;

(b)the Point of the Mountain State Land Authority created in Section 11-59-201 ;

(c)the Utah Fairpark Area Investment and Restoration District created in Section 11-70-201 ; or

(d)the Military Installation Development Authority created in Section 63H-1-201 .

(4)"Infrastructure fund" means a fund created in Subsection 63A-3-402 (1).

(5)"Infrastructure loan" means a loan of infrastructure fund money to finance an infrastructure project.

(6)"Infrastructure project" means a project to acquire, construct, reconstruct, rehabilitate, equip, or improve public infrastructure and improvements:

(a)within a project area; or

(b)outside a project area, if the respective loan approval body determines by resolution that the public infrastructure and improvements are of benefit to the project area.

(7)"Inland port" means the same as that term is defined in Section 11-58-102 .

(8)"Inland port fund" means the infrastructure fund created in Subsection 63A-3-402 (1)(a).

(9)"Military development fund" means the infrastructure fund created in Subsection 63A-3-402 (1)(d).

(10)"Point of the mountain fund" means the infrastructure fund created in Subsection 63A-3-402 (1)(b).

(11)"Project area" means:

(a)the same as that term is defined in Section 11-58-102 , for purposes of an infrastructure loan from the inland port fund;

(b)the point of the mountain state land, as defined in Section 11-59-102 , for purposes of an infrastructure loan from the point of the mountain fund;

(c)the same as that term is defined in Section 11-70-101 , for purposes of an infrastructure loan from the fairpark district development fund; or

(d)the same as that term is defined in Section 63H-1-102 , for purposes of an infrastructure loan from the military development fund.

(12)"Property tax revenue" means:

(a)property tax differential, as defined in Section 11-58-102 , for purposes of an infrastructure loan from the inland port fund;

(b)enhanced property tax revenue, as defined in Section 11-70-101 , for purposes of an infrastructure loan from the fairpark district development fund; or

(c)property tax allocation, as defined in Section 63H-1-102 , for purposes of an infrastructure loan from the military development fund.

(13)"Public infrastructure and improvements" means:

(a)the same as that term is defined in Section 11-58-102 , for purposes of an infrastructure loan from the inland port fund;

(b)publicly owned infrastructure and improvements, as defined in Section 11-59-102 , for purposes of an infrastructure loan from the point of the mountain fund;

(c)the same as that term is defined in Section 11-70-101 , for purposes of an infrastructure loan from the fairpark district development fund; or

(d)the same as that term is defined in Section 63H-1-102 , for purposes of an infrastructure loan from the military development fund.

(14)"Respective loan approval body" means:

(a)the board created in Section 11-58-301 , for purposes of an infrastructure loan from the inland port fund;

(b)the board created in Section 11-59-301 , for purposes of an infrastructure loan from the point of the mountain fund;

(c)the board created in Section 11-70-301 , for purposes of an infrastructure loan from the fairpark area development fund; or

(d)the committee created in Section 63H-1-104 , for purposes of an infrastructure loan from the military development fund.

Amended by Chapter 419 , 2024 General Session