Utah Code 63A-3-402. Infrastructure funds established — Purpose of funds

63A-3-402. Infrastructure funds established — Purpose of funds — Use of money in funds.

(1)

There are created, as enterprise revolving loan funds:

Borrower: means a person who borrows money from an infrastructure fund for an infrastructure project. See Utah Code 63A-3-401.5
Infrastructure fund: means a fund created in Subsection 63A-3-402(1). See Utah Code 63A-3-401.5
Inland port: means the same as that term is defined in Section 11-58-102. See Utah Code 63A-3-401.5
Inland port fund: means the infrastructure fund created in Subsection 63A-3-402(1)(a). See Utah Code 63A-3-401.5
Point of the mountain fund: means the infrastructure fund created in Subsection 63A-3-402(1)(b). See Utah Code 63A-3-401.5
Respective loan approval body: means :Utah Code 63A-3-401.5

(a)	the inland port infrastructure revolving loan fund;

(b)	the point of the mountain infrastructure revolving loan fund; and

(c)	the military development infrastructure revolving loan fund.

(2)	The purpose of each infrastructure fund is to provide funding, through infrastructure loans, for infrastructure projects undertaken by a borrower.

(3)

(a)	Money in an infrastructure fund may be used only to provide loans for infrastructure projects.

(b)

The division may not loan money in an infrastructure fund without the approval of:

(i)	the respective loan approval body; and

(ii)	the Executive Appropriations Committee of the Legislature, for a loan from the inland port fund or the point of the mountain fund.

Amended by Chapter 259, 2023 General Session

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