72-2-202.  State Infrastructure Bank Fund — Creation — Use of money.

(1)  There is created a revolving loan fund entitled the State Infrastructure Bank Fund.

Terms Used In Utah Code 72-2-202

  • Commission: means the Transportation Commission created under Section 72-1-301. See Utah Code 72-1-102
  • Department: means the Department of Transportation created in Section 72-1-201. See Utah Code 72-1-102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fund: means the State Infrastructure Bank Fund created under Section 72-2-202. See Utah Code 72-2-201
  • Greenfield: means the same as that term is defined in Section 17C-1-102. See Utah Code 72-1-102
  • Infrastructure assistance: means any use of fund money, except an infrastructure loan, to provide financial assistance for transportation projects or publicly owned infrastructure projects, including:
(a) capital reserves and other security for bond or debt instrument financing; or
(b) any letters of credit, lines of credit, bond insurance, or loan guarantees obtained by a public entity to finance transportation projects. See Utah Code 72-2-201
  • Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
  • 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) 

    (a)  The fund consists of money generated from the following revenue sources:

    (i)  appropriations made to the fund by the Legislature;

    (ii)  federal money and grants that are deposited into the fund;

    (iii)  money transferred to the fund by the commission from other money available to the department;

    (iv)  state grants that are deposited into the fund;

    (v)  contributions or grants from any other private or public sources for deposit into the fund; and

    (vi)  subject to Subsection (2)(b), all money collected from repayments of fund money used for infrastructure loans or infrastructure assistance.

    (b)  When a loan from the fund is repaid, the department may request and the Legislature may transfer from the fund to the source from which the money originated an amount equal to the repaid loan.

    (3) 

    (a)  The fund shall earn interest.

    (b)  All interest earned on fund money shall be deposited into the fund.

    (4)  Money in the fund shall be used by the department, as prioritized by the commission, only to:

    (a)  provide infrastructure loans or infrastructure assistance; and

    (b)  pay the department for the costs of administering the fund, providing infrastructure loans or infrastructure assistance, monitoring transportation projects and publicly owned infrastructure projects, and obtaining repayments of infrastructure loans or infrastructure assistance.

    (5) 

    (a)  The department may establish separate accounts in the fund for infrastructure loans, infrastructure assistance, administrative and operating expenses, or any other purpose to implement this part.

    (b)  The department shall establish a separate account in the fund for infrastructure loans for publicly owned infrastructure projects in greenfield areas that are located no less than one mile from an existing municipal or county:

    (i)  water supply;

    (ii)  water distribution facility; or

    (iii)  wastewater facility.

    (c)  Prioritization of infrastructure loans described in Subsection (5)(b) shall follow the same process as described in Section 72-2-203.

    (d)  In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules governing how the fund and its accounts may be held by an escrow agent.

    (6)  Fund money shall be invested by the state treasurer as provided in Title 51, Chapter 7, State Money Management Act, and the earnings from the investments shall be credited to the fund.

    (7)  Before July 1, 2022, the department shall transfer the loan described in Subsection 63B-27-101(3)(a)(i) from the State Infrastructure Bank Fund to the military development infrastructure revolving loan fund created in Section 63A-3-402.

    (8)  Before July 1, 2023, the department shall transfer the funds described in Subsection 63B-27-101(3)(a)(ii) from the State Infrastructure Bank Fund to the inland port infrastructure revolving loan fund created in Section 63A-3-402.

    Amended by Chapter 22, 2023 General Session
    Amended by Chapter 259, 2023 General Session

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