63C-25-202. Powers and duties.

815 words·~4 min read·/ut/title-63c/chapter-25/63c-25-202·

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

Effective 5/1/2024

(1)The commission shall annually review a report provided in accordance with Section 63B-1-305 or 63B-1a-102 .

(a)A loan entity other than a loan entity described in Subsection (2)(b) shall no later than January 1 of each year submit information on each revolving loan fund from which the loan entity made a loan in the previous fiscal year, including information identifying new and ongoing loan recipients, the terms of each loan, loan repayment, and any other information regarding a revolving loan fund requested by the commission.

(b)If a loan entity is:

(i)the Utah Inland Port Authority, the loan entity shall submit the information in accordance with Section 11-58-106 and any other information regarding a revolving loan fund requested by the commission;

(ii)the Point of the Mountain State Land Authority, the loan entity shall submit the information in accordance with Section 11-59-104 and any other information regarding a revolving loan fund requested by the commission;

(iii)the Utah Fairpark Area Investment and Restoration District, the loan entity shall submit the information in accordance with Section 11-70-104 and any other information regarding a revolving loan fund requested by the commission; or

(iv)the Military Installation Development Authority, the loan entity shall submit the information in accordance with Section 63H-1-104 and any other information regarding a revolving loan fund requested by the commission.

(c)The commission may annually review and provide feedback for the following:

(i)each loan entity for compliance with state law authorizing and regulating the revolving loan fund, including, as applicable, Title 11, Chapter 14, Local Government Bonding Act;

(ii)each loan entity's revolving loan fund policies and practices, including policies and practices for approving and setting the terms of a loan; and

(iii)each borrower of funds from a revolving loan fund for accurate and timely reporting by the borrower to the appropriate debt repository.

(a)The commission shall review and may approve a bond before a large public transit district may issue a bond.

(b)The commission may not approve issuance of a bond described in Subsection (3)(a) unless the execution and terms of the bond comply with state law.

(c)If, after review, the commission approves a bond described in Subsection (3)(a), the large public transit district:

(i)may not change before issuing the bond the terms of the bond that were reviewed by the commission if the change is outside the approved parameters and intended purposes; and

(ii)is under no obligation to issue the bond.

(d)A member of the commission who approves a bond under Subsection (3)(a) or reviews a parameters resolution under Subsection (4)(a) is not liable personally on the bond.

(e)The approval of a bond under Subsection (3)(a) or review under Subsection (4)(a) of a parameters resolution by the commission:

(i)is not an obligation of the state; and

(ii)is not an act that:

(A)lends the state's credit; or

(B)constitutes indebtedness within the meaning of any constitutional or statutory debt limitation.

(a)The commission shall review and, at the commission's discretion, may make recommendations regarding a parameters resolution before:

(i)a bonding political subdivision may issue a bond; or

(ii)a public infrastructure district may issue a bond, if the creating entity of the public infrastructure district is a bonding political subdivision.

(b)The commission shall conduct the review under Subsection (4)(a) and forward any recommendations to the bonding political subdivision or public infrastructure district no later than 45 days after the day on which the commission receives the bonding political subdivision's or public infrastructure district's parameters resolution.

(c)Notwithstanding Subsection (4)(a), if the commission fails to review a parameters resolution or forward recommendations, if any, in the timeframe described in Subsection (4)(b), the bonding political subdivision or public infrastructure district, respectively, may proceed with the bond without review by the commission.

(d)After review by the commission under Subsection (4)(a), the bonding political subdivision or public infrastructure district:

(i)shall consider recommendations by the commission; and

(ii)may proceed with the bond but is under no obligation to issue the bond.

(5)The commission shall provide training and other information on debt management, lending and borrowing best practices, and compliance with state law to the authority, a bonding political subdivision, a large public transit district, and a loan entity.

(a)Before a bonding government entity may enter into a concessionaire contract, the commission shall review and approve the concessionaire contract.

(b)If, after review, the commission approves the concessionaire contract, the bonding government entity:

(i)may not change the terms of the concessionaire contract if the change is outside of:

(A)any applicable approved parameters of the concessionaire contract; or

(B)the intended purposes of the concessionaire contract; and

(ii)is under no obligation to enter into the concessionaire contract.

Amended by Chapter 419 , 2024 General Session