63H-1-104. Loan approval committee — Approval of infrastructure loans.
| (1) |
As used in this section:
Terms Used In Utah Code 63H-1-104- Board: means the governing body of the authority created under Section 63H-1-301. See Utah Code 63H-1-102
- Development: includes the demolition, construction, reconstruction, modification, expansion, maintenance, operation, or improvement of a building, facility, utility, landscape, parking lot, park, trail, or recreational amenity. See Utah Code 63H-1-102
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Military: includes , in relation to property, property that is occupied by the military and is owned by the government of the United States or the state. See Utah Code 63H-1-102
- Quorum: The number of legislators that must be present to do business.
- 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) |
“Military development fund” means the same as that term is defined in Section 63A-3-401.5. |
| (e) |
“Loan approval committee” means a committee consisting of:
| (i) |
the board member who is appointed by the governor under Subsection 63H-1-302(2)(a); |
| (ii) |
the board member who is appointed by the governor under Subsection 63H-1-302(2)(c); |
| (iii) |
the board members who are appointed by the president of the Senate and the speaker of the House of Representatives under Subsection 63H-1-302(3); and |
| (iv) |
a voting or nonvoting board member designated by the board. |
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| (2) |
The loan approval committee may approve an infrastructure loan from the military development fund to a borrower for an infrastructure project undertaken by the borrower. |
| (3) |
The loan approval committee shall establish the terms of an infrastructure loan in accordance with Section 63A-3-404. |
| (4) |
The loan approval committee may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans. |
| (5) |
Beginning May 5, 2021, the loan approval committee shall assume jurisdiction from the State Infrastructure Bank Fund relating to the terms of a loan under Subsection 63B-27-101(3)(a)(i). |
| (6) |
Within 60 days after the execution of an infrastructure loan, the loan approval committee shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:
| (a) |
the Executive Appropriations Committee; |
| (b) |
the State Finance Review Commission created in Section 63C-25-201. |
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| (7) |
| (a) |
A meeting of the loan approval committee does not constitute a meeting of the board, even if a quorum of the board is present at a loan approval committee meeting. |
| (b) |
A quorum of board members present at a meeting of the loan approval committee may not conduct board business at the loan approval committee meeting. |
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| (8) |
| (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 463, 2022 General Session
