11-59-104. Loan committee — Approval of infrastructure loans.
| (1) |
As used in this section:
Terms Used In Utah Code 11-59-104- Authority: means the Point of the Mountain State Land Authority, created in Section 11-59-201. See Utah Code 11-59-102
- Board: means the authority's board, created in Section 11-59-301. See Utah Code 11-59-102
- City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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
| (a) |
“Borrower” means the same as that term is defined in Section 63A-3-401.5. |
| (b) |
“Infrastructure loan” means the same as that term is defined in Section 63A-3-401.5. |
| (c) |
“Infrastructure project” means the same as that term is defined in Section 63A-3-401.5. |
| (d) |
“Point of the mountain fund” means the same as that term is defined in Section 63A-3-401.5. |
| (e) |
“Loan committee” means a committee established under Subsection (2). |
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| (2) |
The authority shall establish a five-member loan committee consisting of:
| (a) |
the individual who is the board member appointed by the governor under Subsection 11-59-302(2)(c)(ii); |
| (b) |
the individual who is a board member under Subsection 11-59-302(2)(e) because the individual is the mayor of Draper or a member of the Draper city council; |
| (c) |
the executive director of the Department of Transportation, or the executive director’s designee; |
| (d) |
an individual, appointed by the governor, who:
| (i) |
is not an elected official; and |
| (ii) |
has expertise in public finance or infrastructure development; and |
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| (e) |
an individual, appointed jointly by the president of the Senate and speaker of the House of Representatives, who:
| (i) |
is not an elected official; and |
| (ii) |
has expertise in public finance or infrastructure development. |
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| (3) |
| (a) |
The loan committee may recommend for board approval an infrastructure loan from the point of the mountain fund to a borrower for an infrastructure project undertaken by the borrower. |
| (b) |
An infrastructure loan from the point of the mountain fund may not be made unless:
| (i) |
the infrastructure loan is recommended by the loan committee; and |
| (ii) |
the board approves the infrastructure loan. |
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| (4) |
If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of the infrastructure loan in accordance with Section 63A-3-404. |
| (5) |
The board may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans. |
| (6) |
Within 60 days after the execution of an infrastructure loan, the board shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:
| (a) |
the Executive Appropriations Committee; and |
| (b) |
the State Finance Review Commission created in Section 63C-25-201. |
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| (7) |
| (a) |
Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation. |
| (b) |
A committee member who is not a legislator may not receive compensation or benefits for the member’s service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:
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Amended by Chapter 207, 2022 General Session
Amended by Chapter 237, 2022 General Session
