Terms Used In Utah Code > Title 63N > Chapter 3 - Economic Development Programs

• Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
• Administrator: means the executive director or the executive director's designee. See Utah Code 63N-3-102
• Affiliate: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102
• Affordable housing: means housing occupied or reserved for occupancy by households with a gross household income equal to or less than 80% of the median gross income of the applicable municipal or county statistical area for households of the same size. See Utah Code 63N-3-602
• Agency: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602
• American Rescue Plan Act: means the American Rescue Plan Act, Pub. See Utah Code 63N-3-1201
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Applicable agency: means :

  (a)	for a project related to air quality, the Division of Air Quality created in Section 19-1-105; or

  (b)

  for a project related to water resources, the Division of Water Resources created in Section 73-10-18. See Utah Code 63N-3-901 Application: means a document: (a)  (i)  completed by an applicant to provide information about the risk to be insured; and (ii)  that contains information that is used by the insurer to evaluate risk and decide whether to: (A)  insure the risk under: (I)  the coverage as originally offered; or (II)  a modification of the coverage as originally offered; or (B)  decline to insure the risk; or (b)  used by the insurer to gather information from the applicant before issuance of an annuity contract. See Utah Code 31A-1-301 Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Base taxable value: means a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 63N-3-602 Base year: means , for a proposed housing and transit reinvestment zone area, a year beginning the first day of the calendar quarter determined by the last equalized tax roll before the adoption of the housing and transit reinvestment zone. See Utah Code 63N-3-602 Bus rapid transit: means a high-quality bus-based transit system that delivers fast and efficient service that may include dedicated lanes, busways, traffic signal priority, off-board fare collection, elevated platforms, and enhanced stations. See Utah Code 63N-3-602 Bus rapid transit station: means an existing station, stop, or terminal, or a proposed station, stop, or terminal that is specifically identified in a metropolitan planning organization's adopted long-range transportation plan and the relevant public transit district's five-year plan: (a)  along an existing bus rapid transit line; or (b)  along an extension to an existing bus rapid transit line or new bus rapid transit line. See Utah Code 63N-3-602 Business entity: means a for-profit or nonprofit business entity. See Utah Code 63N-3-901 Business entity: means a for-profit or nonprofit entity. See Utah Code 63N-3-1001 City: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5 Commission: means the Unified Economic Opportunity Commission created in Section 63N-1a-201. See Utah Code 63N-1a-102 Commissioner: is a s defined in Section 31A-1-301. See Utah Code 31A-27a-102 Commuter rail: means a heavy-rail passenger rail transit facility operated by a large public transit district. See Utah Code 63N-3-602 Commuter rail station: means an existing station, stop, or terminal, or a proposed station, stop, or terminal, which has been specifically identified in a metropolitan planning organization's adopted long-range transportation plan and the relevant public transit district's five-year plan: (a)  along an existing commuter rail line; (b)  along an extension to an existing commuter rail line or new commuter rail line; or (c)  along a fixed guideway extension from an existing commuter rail line. See Utah Code 63N-3-602 Contract: A legal written agreement that becomes binding when signed. 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. creditor: means a person having a claim against an insurer whether the claim is: (a)  matured or not matured; (b)  liquidated or unliquidated; (c)  secured or unsecured; (d)  absolute; or (e)  fixed or contingent. See Utah Code 31A-27a-102 Department: is a s defined in Section 31A-1-301 unless the context requires otherwise. See Utah Code 31A-27a-102 Developable area: means the portion of land within a housing and transit reinvestment zone available for development and construction of business and residential uses. See Utah Code 63N-3-602 Director: means a member of the board of directors of a corporation. See Utah Code 31A-1-301 Docket: A log containing brief entries of court proceedings. Employee: means : (a)  an individual employed by an employer; or (b)  an individual who meets the requirements of Subsection (53)(b). See Utah Code 31A-1-301 Enhanced development: means the construction of mixed uses including housing, commercial uses, and related facilities. See Utah Code 63N-3-602 Enhanced development costs: means extra costs associated with structured parking costs, vertical construction costs, horizontal construction costs, life safety costs, structural costs, conveyor or elevator costs, and other costs incurred due to the increased height of buildings or enhanced development. See Utah Code 63N-3-602 Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Executive director: means the executive director of the office. See Utah Code 63N-1a-102 Filed: means that a filing is: (i)  submitted to the department as required by and in accordance with applicable statute, rule, or filing order; (ii)  received by the department within the time period provided in applicable statute, rule, or filing order; and (iii)  accompanied by the appropriate fee in accordance with: (A)  Section 31A-3-103; or (B)  rule. See Utah Code 31A-1-301 Filing: when used as a noun, means an item required to be filed with the department including: (a)  a policy; (b)  a rate; (c)  a form; (d)  a document; (e)  a plan; (f)  a manual; (g)  an application; (h)  a report; (i)  a certificate; (j)  an endorsement; (k)  an actuarial certification; (l)  a licensee annual statement; (m)  a licensee renewal application; (n)  an advertisement; (o)  a binder; or (p)  an outline of coverage. See Utah Code 31A-1-301 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fixed guideway: means the same as that term is defined in Section 59-12-102. See Utah Code 63N-3-602 fund: means the Transient Room Tax Fund created by Section 63N-3-403. See Utah Code 63N-3-402 GO Utah board: means the Board of Economic Opportunity created in Section 63N-1a-401. See Utah Code 63N-1a-102 Good faith: means honesty in fact and intention, and in regard to 5, also requires the absence of: (a)  information that would lead a reasonable person in the same position to know that the insurer is financially impaired or insolvent; and (b)  knowledge regarding the imminence or pendency of a delinquency proceeding against the insurer. See Utah Code 31A-27a-102 Grant: means a grant awarded as part of the pilot program. See Utah Code 63N-3-901 Grant: means a grant awarded as part of the Economic Assistance Grant Program created in Section 63N-3-1002. See Utah Code 63N-3-1001 Grant: means a grant awarded under Section 63N-3-1102. See Utah Code 63N-3-1101 Grant: means a financial grant awarded as part of the Redevelopment Matching Grant Program created in Section 63N-3-1202. See Utah Code 63N-3-1201 Grant program: means the Economic Assistance Grant Program created in Section 63N-3-1002. See Utah Code 63N-3-1001 Grant program: means the Redevelopment Matching Grant Program created in Section 63N-3-1202. See Utah Code 63N-3-1201 Horizontal construction costs: means the additional costs associated with earthwork, over excavation, utility work, transportation infrastructure, and landscaping to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602 Housing and transit reinvestment zone: means a housing and transit reinvestment zone created pursuant to this part. See Utah Code 63N-3-602 Housing and transit reinvestment zone committee: means a housing and transit reinvestment zone committee created pursuant to Section 63N-3-605. See Utah Code 63N-3-602 Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301 insolvent: means that an insurer: (a)  is unable to pay its obligations when they are due; (b)  does not have admitted assets at least equal to all of its liabilities; or (c)  has a total adjusted capital that is less than its mandatory control level RBC, as defined in Section 31A-17-601. See Utah Code 31A-27a-102 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 insurer: means a person who: (a)  is doing, has done, purports to do, or is licensed to do the business of insurance; (b)  is or has been subject to the authority of, or to rehabilitation, liquidation, reorganization, supervision, or conservation by an insurance commissioner; or (c)  is included under Section 31A-27a-104. See Utah Code 31A-27a-102 Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes. 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. Land: includes :Utah Code 68-3-12.5 Large public transit district: means the same as that term is defined in Section 17B-2a-802. See Utah Code 63N-3-602 Lien: A claim against real or personal property in satisfaction of a debt. Light rail: means a passenger rail public transit system with right-of-way and fixed rails: (a)  dedicated to exclusive use by light-rail public transit vehicles; (b)  that may cross streets at grade; and (c)  that may share parts of surface streets. See Utah Code 63N-3-602 Light rail station: means an existing station, stop, or terminal or a proposed station, stop, or terminal, which has been specifically identified in a metropolitan planning organization's adopted long-range transportation plan and the relevant public transit district's five-year plan: (a)  along an existing light rail line; or (b)  along an extension to an existing light rail line or new light rail line. See Utah Code 63N-3-602 Local government: means a county or municipality. See Utah Code 63N-3-1201 Member: means a person having membership rights in an insurance corporation. See Utah Code 31A-1-301 Metropolitan planning organization: means the same as that term is defined in Section 72-1-208. See Utah Code 63N-3-602 Municipality: means the same as that term is defined in Section 10-1-104. See Utah Code 63N-3-602 New value: means : (i)  money; (ii)  money's worth in goods, services, or new credit; or (iii)  release by a transferee of property previously transferred to the transferee in a transaction that is neither void nor voidable by the insurer or the receiver under applicable law, including proceeds of the property. See Utah Code 31A-27a-102 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Order: means an order of the commissioner. See Utah Code 31A-1-301 Participant: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602 Participation agreement: means the same as that term is defined in Section 17C-1-102, except that the agency may not provide and the person may not receive a direct subsidy. See Utah Code 63N-3-602 Party in interest: means : (a)  the commissioner; (b)  a nondomiciliary commissioner in whose state the insurer has outstanding claims liabilities; (c)  an affected guaranty association; and (d)  the following parties if the party files a request with the receivership court for inclusion as a party in interest and to be on the service list: (i)  an insurer that ceded to or assumed business from the insurer; (ii)  a policyholder; (iii)  a third party claimant; (iv)  a creditor; (v)  a 10% or greater equity security holder in the insolvent insurer; and (vi)  a person, including an indenture trustee, with a financial or regulatory interest in the delinquency proceeding. See Utah Code 31A-27a-102 Person: means :Utah Code 68-3-12.5 Person: includes : (a)  an individual; (b)  a partnership; (c)  a corporation; (d)  an incorporated or unincorporated association; (e)  a joint stock company; (f)  a trust; (g)  a limited liability company; (h)  a reciprocal; (i)  a syndicate; or (j)  another similar entity or combination of entities acting in concert. See Utah Code 31A-1-301 Pilot program: means the Strategic Innovation Grant Pilot Program created in Section 63N-3-902. See Utah Code 63N-3-901 Policyholder: means a person who controls a policy, binder, or oral contract by ownership, premium payment, or otherwise. See Utah Code 31A-1-301 Preference: means a transfer of property of an insurer to or for the benefit of a creditor: (a)  for or on account of an antecedent debt, made or allowed by the insurer within one year before the day on which a successful petition for rehabilitation or liquidation is filed under this chapter; (b)  the effect of which transfer may enable the creditor to obtain a greater percentage of the creditor's debt than another creditor of the same class would receive; and (c)  if a liquidation order is entered while the insurer is already subject to a rehabilitation order and the transfer otherwise qualifies, that is made or allowed within the shorter of: (i)  one year before the day on which a successful petition for rehabilitation is filed; or (ii)  two years before the day on which a successful petition for liquidation is filed. See Utah Code 31A-27a-102 Proceeding: includes an action or special statutory proceeding. See Utah Code 31A-1-301 Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5 Program: means the Manufacturing Modernization Grant Program created in Section 63N-3-1102. See Utah Code 63N-3-1101 Property: includes both real and personal property. See Utah Code 68-3-12.5 property of the estate: includes : (a)  a right, title, or interest of the insurer in property: (i)  whether: (A)  legal or equitable; (B)  tangible or intangible; or (C)  choate or inchoate; and (ii)  including choses in action, contract rights, and any other interest recognized under the laws of this state; (b)  entitlements that exist before the entry of an order of rehabilitation or liquidation; (c)  entitlements that may arise by operation of this chapter or other provisions of law allowing the receiver to avoid prior transfers or assert other rights; and (d)  (i)  records or data that is otherwise the property of the insurer; and (ii)  records or data similar to those described in Subsection (30)(d)(i) that are within the possession, custody, or control of a managing general agent, a third party administrator, a management company, a data processing company, an accountant, an attorney, an affiliate, or other person. See Utah Code 31A-27a-102 Public transit county: means a county that has created a small public transit district. See Utah Code 63N-3-602 Public transit hub: means a public transit depot or station where four or more routes serving separate parts of the county-created transit district stop to transfer riders between routes. See Utah Code 63N-3-602 Quorum: The number of legislators that must be present to do business. Rate: means : (i)  the cost of a given unit of insurance; or (ii)  for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A)  a single number; or (B)  a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I)  expenses; (II)  profit; and (III)  individual insurer variation in loss experience. See Utah Code 31A-1-301 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. receiver: means the commissioner or the commissioner's designee, including a rehabilitator, liquidator, or ancillary receiver. See Utah Code 31A-27a-102 receivership: means a rehabilitation, liquidation, or ancillary receivership. See Utah Code 31A-27a-102 receivership court: refers to the court in which a delinquency proceeding is pending. See Utah Code 31A-27a-102 Reinsurance: means a transaction or contract under which an assuming insurer agrees to indemnify a ceding insurer against all, or a part, of a loss that the ceding insurer may sustain under the one or more policies that the ceding insurer issues or will issue. See Utah Code 31A-27a-102 Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Restricted Account: means the restricted account known as the Industrial Assistance Account created in Section 63N-3-103. See Utah Code 63N-3-102 Sales and use tax base year: means a sales and use tax year determined by the first year pertaining to the tax imposed in Section 59-12-103 after the sales and use tax boundary for a housing and transit reinvestment zone is established. See Utah Code 63N-3-602 Sales and use tax boundary: means a boundary created as described in Section 63N-3-604, based on state sales and use tax collection that corresponds as closely as reasonably practicable to the housing and transit reinvestment zone boundary. See Utah Code 63N-3-602 Sales and use tax increment: means the difference between: (a)  the amount of state sales and use tax revenue generated each year following the sales and use tax base year by the sales and use tax from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which sales and use tax increment is to be collected; and (b)  the amount of state sales and use tax revenue that was generated from that same area during the sales and use tax base year. See Utah Code 63N-3-602 Sales and use tax revenue: means revenue that is generated from the tax imposed under Section 59-12-103. See Utah Code 63N-3-602 Security: means a: (i)  note; (ii)  stock; (iii)  bond; (iv)  debenture; (v)  evidence of indebtedness; (vi)  certificate of interest or participation in a profit-sharing agreement; (vii)  collateral-trust certificate; (viii)  preorganization certificate or subscription; (ix)  transferable share; (x)  investment contract; (xi)  voting trust certificate; (xii)  certificate of deposit for a security; (xiii)  certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (xiv)  commodity contract or commodity option; (xv)  certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or (xvi)  another interest or instrument commonly known as a security. See Utah Code 31A-1-301 Small public transit district: means the same as that term is defined in Section 17B-2a-802. See Utah Code 63N-3-602 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 State: means a state, district, or territory of the United States. See Utah Code 31A-27a-102 Talent development grant: means a grant awarded under Section 63N-3-112. See Utah Code 63N-3-102 Targeted industry: means an industry or group of industries targeted by the GO Utah board under Section 63N-3-111 for economic development in the state. See Utah Code 63N-3-1101 Targeted industry: means an industry or group of industries targeted by the commission under Section 63N-1a-202, for economic development in the state. See Utah Code 63N-1a-102 Tax Commission: means the State Tax Commission created in Section 59-1-201. See Utah Code 63N-3-602 Tax increment: means the difference between: (a)  the amount of property tax revenue generated each tax year by a taxing entity from the area within a housing and transit reinvestment zone designated in the housing and transit reinvestment zone proposal as the area from which tax increment is to be collected, using the current assessed value and each taxing entity's current certified tax rate as defined in Section 59-2-924; and (b)  the amount of property tax revenue that would be generated from that same area using the base taxable value and each taxing entity's current certified tax rate as defined in Section 59-2-924. See Utah Code 63N-3-602 Taxing entity: means the same as that term is defined in Section 17C-1-102. See Utah Code 63N-3-602 Transfer: includes the sale and every other and different mode of disposing of or parting with property or with an interest in property, whether: (i)  directly or indirectly; (ii)  absolutely or conditionally; (iii)  voluntarily or involuntarily; or (iv)  by or without judicial proceedings. See Utah Code 31A-27a-102 United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5 Vertical construction costs: means the additional costs associated with construction above four stories and structured parking to achieve enhanced development in the housing and transit reinvestment zone. See Utah Code 63N-3-602