63A-3-402. Infrastructure funds established -- Purpose of funds -- Use of money in funds.
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Effective 5/1/2024
63A-3-402. Infrastructure funds established -- Purpose of funds -- Use of money in funds.
(1)There are created, as enterprise revolving loan funds:
(a)the inland port infrastructure revolving loan fund;
(b)the point of the mountain infrastructure revolving loan fund;
(c)the fairpark area development revolving loan fund; and
(d)the military development infrastructure revolving loan fund.
(2)The purpose of each infrastructure fund is to provide funding, through infrastructure loans, for infrastructure projects undertaken by a borrower.
(a)Money in an infrastructure fund may be used only to provide loans for infrastructure projects.
(b)The division may not loan money in an infrastructure fund without the approval of:
(i)the respective loan approval body; and
(ii)the Executive Appropriations Committee of the Legislature, for a loan from the inland port fund, the point of the mountain fund, or the fairpark area development fund.
Amended by Chapter 419 , 2024 General Session