72-2-202. State Infrastructure Bank Fund -- Creation -- Use of money.

484 words·~2 min read·/ut/title-72/chapter-2/72-2-202

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

Effective 5/3/2023

(1)There is created a revolving loan fund entitled the State Infrastructure Bank Fund.

(a)The fund consists of money generated from the following revenue sources:

(i)appropriations made to the fund by the Legislature;

(ii)federal money and grants that are deposited into the fund;

(iii)money transferred to the fund by the commission from other money available to the department;

(iv)state grants that are deposited into the fund;

(v)contributions or grants from any other private or public sources for deposit into the fund; and

(vi)subject to Subsection (2)(b) , all money collected from repayments of fund money used for infrastructure loans or infrastructure assistance.

(b)When a loan from the fund is repaid, the department may request and the Legislature may transfer from the fund to the source from which the money originated an amount equal to the repaid loan.

(a)The fund shall earn interest.

(b)All interest earned on fund money shall be deposited into the fund.

(4)Money in the fund shall be used by the department, as prioritized by the commission, only to:

(a)provide infrastructure loans or infrastructure assistance; and

(b)pay the department for the costs of administering the fund, providing infrastructure loans or infrastructure assistance, monitoring transportation projects and publicly owned infrastructure projects, and obtaining repayments of infrastructure loans or infrastructure assistance.

(a)The department may establish separate accounts in the fund for infrastructure loans, infrastructure assistance, administrative and operating expenses, or any other purpose to implement this part.

(b)The department shall establish a separate account in the fund for infrastructure loans for publicly owned infrastructure projects in greenfield areas that are located no less than one mile from an existing municipal or county:

(i)water supply;

(ii)water distribution facility; or

(iii)wastewater facility.

(c)Prioritization of infrastructure loans described in Subsection (5)(b) shall follow the same process as described in Section 72-2-203 .

(d)In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act , the department may make rules governing how the fund and its accounts may be held by an escrow agent.

(6)Fund money shall be invested by the state treasurer as provided in Title 51, Chapter 7, State Money Management Act , and the earnings from the investments shall be credited to the fund.

(7)Before July 1, 2022, the department shall transfer the loan described in Subsection 63B-27-101(3)(a)(i) from the State Infrastructure Bank Fund to the military development infrastructure revolving loan fund created in Section 63A-3-402 .

(8)Before July 1, 2023, the department shall transfer the funds described in Subsection 63B-27-101(3)(a)(ii) from the State Infrastructure Bank Fund to the inland port infrastructure revolving loan fund created in Section 63A-3-402 .

Amended by Chapter 22 , 2023 General Session

Amended by Chapter 259 , 2023 General Session