(1)  As used in this section, “brownfield” has the same meaning as in 42 U.S.C. § 9601(39).

Terms Used In Utah Code 19-8-120

  • Applicant: means the person:
(a) who submits an application to participate in a voluntary cleanup agreement under this chapter; or
(b) who enters into a voluntary cleanup agreement made under this chapter with the executive director. See Utah Code 19-8-102
  • Executive director: means the executive director of the Utah Department of Environmental Quality or the executive director's representative. See Utah Code 19-8-102
  • 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
    • (2)  There is created an enterprise fund known as the Brownfields Fund.

    (3)  The fund is created to enable the state to use federal funding as available to provide capital for a revolving loan fund and to provide funds for grants to carry out cleanup activities at brownfield sites.

    (4)  The sources of fund money are:

    (a)  federal grant money;

    (b)  principal and interest received from the repayment of loans made under this section; and

    (c)  all investment income derived from fund money.

    (5)  The executive director may make loans and grants in accordance with this section from the fund to applicants who meet the criteria under the terms of the federal grant money in the fund.

    (6)  The executive director shall consider loan and grant applications under Subsection (5) to determine whether the application meets the objectives established by the federal grant.

    (7)  Loans made under this section shall:

    (a)  be for no greater amount than allowed by the federal grant;

    (b)  have a fixed annual interest rate as allowed by the federal grant;

    (c)  have a term as allowed by the federal grant;

    (d)  be made on the condition the loan applicant obtains adequate security for the loan as established by administrative rules made under Subsection (9); and

    (e)  comply with administrative rules made under Subsection (9).

    (8)  Grants made under this section shall:

    (a)  be for no greater amount than allowed by the federal grant; and

    (b)  comply with administrative rules made under Subsection (9).

    (9)  In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the executive director shall make rules establishing:

    (a)  form, content, and procedure for loan and grant applications;

    (b)  criteria and procedures for prioritizing loan and grant applications;

    (c)  requirements and procedures for securing loans and grants;

    (d)  procedures for making the loans;

    (e)  procedures for administering and ensuring repayment of loans, including late payment penalties; and

    (f)  procedures for recovering on defaulted loans.

    (10)  The decisions of the executive director in loaning money from the fund, making grants, and otherwise administering the fund are not subject to Title 63G, Chapter 4, Administrative Procedures Act.

    (11)  Funding for the cost of administration of the fund shall be consistent with the terms of the federal grant.

    (12)  The executive director may enter into agreements with public entities or private funding organizations to perform any task associated with administration of the fund.

    Amended by Chapter 382, 2008 General Session

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