63M-14-501. Colorado River Authority Restricted Account.
| (1) |
There is created a restricted account in the General Fund known as the “Colorado River Authority Restricted Account.” |
Terms Used In Utah Code 63M-14-501
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Authority: means the Colorado River Authority of Utah created by Section 63M-14-201. See Utah Code 63M-14-102
- Colorado River system: means the entire drainage of the Colorado River in Utah including both the main stem of the Colorado River and the Colorado River's tributaries. See Utah Code 63M-14-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Restricted account: means the Colorado River Authority Restricted Account created in Section 63M-14-501. See Utah Code 63M-14-102
- River commissioner: means the person appointed under Section 63M-14-301. See Utah Code 63M-14-102
- 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) |
The restricted account shall consist of:
| (a) |
money contributed by the following users of the Colorado River system in an amount that the respective governing bodies considers advisable:
| (i) |
an irrigation district; |
| (ii) |
a nonprofit corporation; |
| (iii) |
a water conservancy district; |
| (v) |
a metropolitan water district; |
|
| (b) |
appropriations of the Legislature; |
| (c) |
contributions from other sources, including federal funding; and |
| (d) |
interest or earnings on the restricted account. |
|
| (3) |
| (b) |
The state treasurer shall deposit interest or other earnings derived from investment of restricted account money into the restricted account. |
|
| (4) |
Subject to appropriation by the Legislature, money in the restricted account is for the use of the authority to:
| (a) |
fill the authority’s statutory duties related to Utah’s allocation of water from the Colorado River system; |
| (b) |
pay the compensation of employees, consultants, and legal counsel; and |
| (c) |
pay the travel expenses of the river commissioner. |
|
| (5) |
In addition to money contributed by the users of the Colorado River system described in Subsection (2)(a), a user may provide in-kind goods and services to the authority. |
Enacted by Chapter 179, 2021 General Session
