“Asset” means funds, money, an account, real or personal property, or personnel.
Terms Used In Utah Code 11-13-602
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Asset: means funds, money, an account, real or personal property, or personnel. See Utah Code 11-13-602
Associated entity: means a taxed interlocal entity that adopts a segment's organizing resolution. See Utah Code 11-13-602
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fiduciary: A trustee, executor, or administrator.
Indexed office: means the address identified under Subsection 63G-7-401(5)(a)(i) by a segment's associated entity in the associated entity's statement described in Subsection 63G-7-401(5). See Utah Code 11-13-602
Interlocal entity: means :
(a)
a Utah interlocal entity, an electric interlocal entity, or an energy services interlocal entity; or
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.
Organization agreement: means an agreement, as amended, that creates a taxed interlocal entity. See Utah Code 11-13-602
Organizing resolution: means a resolution described in Subsection 11-13-604(1) that creates a segment. See Utah Code 11-13-602
Project: means :
(a)
the same as that term is defined in Section 11-13-103; or
(b)
facilities, improvements, or contracts undertaken by a taxed interlocal entity in accordance with Subsection 11-13-204(2). See Utah Code 11-13-602
Project entity: means a Utah interlocal entity or an electric interlocal entity that owns a project as defined in this section. See Utah Code 11-13-103
a city, town, county, school district, special district, special service district, an interlocal entity, or other political subdivision of the state;
(b)
the state or any department, division, or agency of the state;
(c)
any agency of the United States;
(d)
any political subdivision or agency of another state or the District of Columbia including any interlocal cooperation or joint powers agency formed under the authority of the law of the other state or the District of Columbia; or
(e)
any Indian tribe, band, nation, or other organized group or community which is recognized as eligible for the special programs and services provided by the United States to Indians because of their status as Indians. See Utah Code 11-13-103
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Taxed interlocal entity: means :
(a)
a project entity that:
(i)
is not exempt from a tax or fee in lieu of taxes imposed in accordance with 3;
(ii)
does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:
(A)
a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the project entity; or
(B)
a grant that is subject to accountability requirements and that the project entity receives for purposes related to a Utah interlocal energy hub, including research and development of technology, financing, construction, installation, operation, and other actions that the project entity may take with respect to a project; and
(iii)
does not receive, expend, or have the authority to compel payment from tax revenue; or
(b)
an interlocal entity that:
(i)
was created before 1981 for the purpose of providing power supply at wholesale to its members;
(ii)
does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:
(A)
a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the interlocal entity; or
(B)
a loan, grant, guaranty, transferable tax credit, cost-sharing arrangement, or other funding arrangement for an advanced nuclear power facility, as defined in 26 U. See Utah Code 11-13-602
Use: includes , when constituting a noun, the corresponding nominal form of each term in Subsection (14)(a), individually. See Utah Code 11-13-602
Utah interlocal energy hub: means project entity-owned facilities that:
(a)
are located within the state; and
(b)
facilitate the coordination of resources and participants in a multi-county or interstate region for:
(i)
the generation of energy, including with hydrogen fuel;
(ii)
the transmission of energy;
(iii)
energy storage, including compressed air energy storage;
(iv)
producing environmental benefits; or
(v)
the production, storage, or transmission of fuel, including hydrogen fuel. See Utah Code 11-13-602
(2)
(a)
“Associated entity” means a taxed interlocal entity that adopts a segment‘s organizing resolution.
(b)
“Associated entity” does not include any other segment.
(3)
“Fiduciary duty” means a duty expressly designated as a fiduciary duty of:
(a)
a director or an officer of a taxed interlocal entity in:
(i)
the organization agreement of the taxed interlocal entity; or
(ii)
an agreement executed by the director or the officer and the taxed interlocal entity; or
(b)
a director or an officer of a segment in:
(i)
the organizing resolution of the segment; or
(ii)
an agreement executed by the director or the officer and the segment.
(4)
“Governing body” means the body established in an organizing resolution to govern a segment.
a law imposing an obligation on a taxed interlocal entity similar to an obligation imposed by a law described in Subsection (5)(a), (b), or (c);
(e)
an amendment to or replacement or renumbering of a law described in Subsection (5)(a), (b), (c), or (d); or
(f)
a law superseding a law described in Subsection (5)(a), (b), (c), or (d).
(6)
“Indexed office” means the address identified under Subsection 63G-7-401(5)(a)(i) by a segment’s associated entity in the associated entity’s statement described in Subsection 63G-7-401(5).
(7)
“Organization agreement” means an agreement, as amended, that creates a taxed interlocal entity.
(8)
“Organizing resolution” means a resolution described in Subsection 11-13-604(1) that creates a segment.
(9)
“Principal county” means the county in which the indexed office of a segment’s associated entity is located.
(10)
“Project” means:
(a)
the same as that term is defined in Section 11-13-103; or
(b)
facilities, improvements, or contracts undertaken by a taxed interlocal entity in accordance with Subsection 11-13-204(2).
(11)
“Public asset” means:
(a)
an asset used by a public entity;
(b)
tax revenue;
(c)
state funds; or
(d)
public funds.
(12)
“Segment” means a segment created in accordance with Section 11-13-604.
(13)
“Taxed interlocal entity” means:
(a)
a project entity that:
(i)
is not exempt from a tax or fee in lieu of taxes imposed in accordance with 3;
(ii)
does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:
(A)
a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the project entity; or
(B)
a grant that is subject to accountability requirements and that the project entity receives for purposes related to a Utah interlocal energy hub, including research and development of technology, financing, construction, installation, operation, and other actions that the project entity may take with respect to a project; and
(iii)
does not receive, expend, or have the authority to compel payment from tax revenue; or
(b)
an interlocal entity that:
(i)
was created before 1981 for the purpose of providing power supply at wholesale to its members;
(ii)
does not receive a payment of funds from a federal agency or office, state agency or office, political subdivision, or other public agency or office other than:
(A)
a payment that does not materially exceed the greater of the fair market value and the cost of a service provided or property conveyed by the interlocal entity; or
(B)
a loan, grant, guaranty, transferable tax credit, cost-sharing arrangement, or other funding arrangement for an advanced nuclear power facility, as defined in 26 U.S.C. § 45J(d), for an advanced nuclear reactor, as defined in 42 U.S.C. § 16271(b)(1), or for an advanced nuclear energy facility that is eligible for a guarantee under 42 U.S.C. § 16513; and
(iii)
does not receive, expend, or have the authority to compel payment from tax revenue.
(14)
(a)
“Use” means to use, own, manage, hold, keep safe, maintain, invest, deposit, administer, receive, expend, appropriate, disburse, or have custody.
(b)
“Use” includes, when constituting a noun, the corresponding nominal form of each term in Subsection (14)(a), individually.
(15)
“Utah interlocal energy hub” means project entity-owned facilities that:
(a)
are located within the state; and
(b)
facilitate the coordination of resources and participants in a multi-county or interstate region for:
(i)
the generation of energy, including with hydrogen fuel;
(ii)
the transmission of energy;
(iii)
energy storage, including compressed air energy storage;
(iv)
producing environmental benefits; or
(v)
the production, storage, or transmission of fuel, including hydrogen fuel.
Amended by Chapter 354, 2020 General Session Amended by Chapter 381, 2020 General Session
