79-6-412. Energy Development Infrastructure Fund.

305 words·~1 min read·/ut/title-79/chapter-6/79-6-412

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

Effective 7/1/2026

(1)As used in this section, "public entity" means a state agency, county, municipality, special district, special service district, an intergovernmental entity organized under state law, or the military installation development authority created in Section 63H-1-201 .

(2)There is created a revolving loan fund known as the Energy Development Infrastructure Fund.

(3)The fund consists of:

(a)money the Legislature appropriates to the fund;

(b)money received for repayment of a loan made from the fund; and

(c)interest earned on money in the fund.

(4)The office may use money in the fund to make one or more loans to one or more public entities to finance infrastructure development that supports nuclear power generation and transmission in the state.

(a)A public entity that borrows money from the fund shall enter into a loan agreement with the office for repayment of the money.

(i)The office shall ensure that a loan under this section is secured by:

(A)bonds, notes, or another evidence of indebtedness validly issued under state law; or

(B)revenue generated from the project.

(ii)The security provided under Subsection (5)(b)(i) may include the borrower's pledge of some or all of a revenue source that the borrower controls.

(c)A loan under this section shall bear interest at a rate not to exceed .5% above bond market interest rates available to the state.

(6)The office may provide conditions in the loan agreement described in Subsection

(5)to ensure that:

(a)the proceeds of the loan will be used to pay the cost of the project; and

(b)the project will be completed.

(7)The office shall administer and enforce a loan under this section according to the terms of the loan agreement.

Enacted by Chapter 379 , 2026 General Session