Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Statute: A law passed by a legislature.
Subdivision: means a county, city, town, county service area, special service district, special improvement district, water conservancy district, water improvement district, sewer improvement district, housing authority, building authority, school district, or public postsecondary institution organized under the laws of this state. See Utah Code 35A-8-302
Throughput infrastructure project: includes :
(i)
an ownership interest or a joint or undivided ownership interest in a facility;
(ii)
a membership interest in the owner of a facility; or
(iii)
a contractual right, whether secured or unsecured, to use all or a portion of the throughput, transportation, or transmission capacity of a facility. See Utah Code 35A-8-302
(a)
make grants and loans from the Throughput Infrastructure Fund created in Section 35A-8-308 for a throughput infrastructure project;
(b)
use money transferred to the Throughput Infrastructure Fund in accordance with statute to provide a loan or grant to finance the cost of acquisition or construction of a throughput infrastructure project to one or more local political subdivisions, including a Utah interlocal agency created under Title 11, Chapter 13, Interlocal Cooperation Act;
(c)
administer the Throughput Infrastructure Fund in a manner that will keep a portion of the fund revolving;
(d)
determine provisions for repayment of loans;
(e)
establish criteria for awarding loans and grants; and
(f)
establish criteria for determining eligibility for assistance under this section.
(2)
The cost of acquisition or construction of a throughput infrastructure project includes amounts for working capital, reserves, transaction costs, and other amounts determined by the impact board to be allocable to a throughput infrastructure project.
(3)
The impact board may restructure or forgive all or part of a local political subdivision‘s or interlocal agency’s obligation to repay loans for extenuating circumstances.
(4)
To receive assistance under this section, a local political subdivision or an interlocal agency shall submit a formal application containing the information that the impact board requires.
(5)
(a)
The impact board shall:
(i)
review the proposed uses of the Throughput Infrastructure Fund for a loan or grant before approving the loan or grant and may condition its approval on whatever assurances the impact board considers necessary to ensure that proceeds of the loan or grant will be used in accordance with this section;
(ii)
ensure that each loan specifies terms for interest deferments, accruals, and scheduled principal repayment; and
(iii)
ensure that repayment terms are evidenced by bonds, notes, or other obligations of the appropriate local political subdivision or interlocal agency issued to the impact board and payable from the net revenues of a throughput infrastructure project.
(b)
An instrument described in Subsection (5)(a)(iii) may be:
(i)
non-recourse to the local political subdivision or interlocal agency; and
(ii)
limited to a pledge of the net revenues from a throughput infrastructure project.
(6)
(a)
Subject to the restriction in Subsection (6)(b), the impact board shall allocate from the Throughput Infrastructure Fund to the board those amounts that are appropriated by the Legislature for the administration of the Throughput Infrastructure Fund.
(b)
The amount described in Subsection (6)(a) may not exceed 2% of the annual receipts to the fund.
(7)
The board shall include in the annual written report described in Section 35A-1-109:
(a)
the number and type of loans and grants made under this section; and
(b)
a list of local political subdivisions or interlocal agencies that received assistance under this section.
(8)
(a)
The first throughput infrastructure project considered by the impact board shall be a bulk commodities ocean terminal project.
(b)
Upon receipt of an application from an interlocal agency created for the sole purpose of undertaking a throughput infrastructure project that is a bulk commodities ocean terminal project, the impact board shall:
(i)
grant up to 2% of the money in the Throughput Infrastructure Fund to the interlocal agency to pay or reimburse costs incurred by the interlocal agency preliminary to its acquisition of the throughput infrastructure project; and
(ii)
fund the interlocal agency’s application if the application meets all criteria established by the impact board.
