51-9-303. Creation of Infrastructure and Economic Diversification Investment Account.
| (1) |
Terms Used In Utah Code 51-9-303- Infrastructure and Economic Diversification Investment Account: means the Infrastructure and Economic Diversification Investment Account created in Section 51-9-303. See Utah Code 51-9-302
- 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) |
There is created a restricted account within the General Fund known as the “Infrastructure and Economic Diversification Investment Account.” |
| (b) |
The Infrastructure and Economic Diversification Investment Account shall consist of:
| (i) |
all money credited to the account under Section 51-9-305; |
| (ii) |
appropriations from the Legislature; and |
| (iii) |
grants from private foundations. |
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| (2) |
| (b) |
The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund. |
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| (3) |
The Legislature may appropriate money from the Infrastructure and Economic Diversification Investment Account for:
| (a) |
infrastructure and economic diversification investment projects; and |
| (b) |
research projects that support economic and capital development within areas of the state that produced the severance tax revenues. |
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| (4) |
At least 25% of the money appropriated in accordance with Subsection (3) shall be used for the following projects within areas of the state that produced the severance tax revenues:
| (a) |
capital and infrastructure development; |
| (b) |
economic diversification investment; and |
| (c) |
research to support Subsections (4)(a) and (b). |
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Amended by Chapter 128, 2016 General Session
