Utah Code 72-2-203. Loans and assistance — Authority — Rulemaking
Current as of: 2024 | Check for updates
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(1) Money in the fund may be used by the department, as prioritized by the commission or as directed by the Legislature, to make infrastructure loans or to provide infrastructure assistance to any public entity for any purpose consistent with any applicable constitutional limitation.
Terms Used In Utah Code 72-2-203
- 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
- Fund: means the State Infrastructure Bank Fund created under Section 72-2-202. See Utah Code 72-2-201
- Highway: means any public road, street, alley, lane, court, place, viaduct, tunnel, culvert, bridge, or structure laid out or erected for public use, or dedicated or abandoned to the public, or made public in an action for the partition of real property, including the entire area within the right-of-way. 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:(2)(a) capital reserves and other security for bond or debt instrument financing; or(2)(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
- Infrastructure loan: means a loan of fund money to finance a transportation project or publicly owned infrastructure project. 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
- Public entity: means a state agency, county, municipality, special district, special service district, an intergovernmental entity organized under state law, or the military installation development authority created in Section 63H-1-201. See Utah Code 72-2-201
- 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) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission shall make rules providing procedures and standards for making infrastructure loans and providing infrastructure assistance and a process for prioritization of requests for loans and assistance.(3) The prioritization process, procedures, and standards for making an infrastructure loan or providing infrastructure assistance may include consideration of the following:(3)(a) availability of money in the fund;(3)(b) credit worthiness of the project;(3)(c) demonstration that the project will encourage, enhance, or create economic benefits to the state or political subdivision;(3)(d) likelihood that assistance would enable the project to proceed at an earlier date than would otherwise be possible;(3)(e) the extent to which assistance would foster innovative public-private partnerships and attract private debt or equity investment;(3)(f) demonstration that the project provides a benefit to the state highway system, including safety or mobility improvements;(3)(g) the amount of proposed assistance as a percentage of the overall project costs with emphasis on local and private participation;(3)(h) demonstration that the project provides intermodal connectivity with public transportation, pedestrian, or nonmotorized transportation facilities; and(3)(i) other provisions the commission considers appropriate.