(1) As used in this section:

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Terms Used In Utah Code 11-70-104

  • Board: means the fairpark district's governing body, created in Section 11-70-301. See Utah Code 11-70-101
  • Development: means :
         (5)(a) the demolition, construction, reconstruction, modification, expansion, or improvement of a building, utility, infrastructure, landscape, parking lot, park, trail, recreational amenity, or other facility, including public infrastructure and improvements; and
         (5)(b) the planning of, arranging for, or participation in any of the activities listed in Subsection (5)(a). See Utah Code 11-70-101
  • Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section 11-70-201. See Utah Code 11-70-101
  • 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
  • Project area: means land described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-70-101
  • Property: includes both real and personal property. See Utah Code 68-3-12.5
  • Property tax: includes each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-70-101
  • 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
     (1)(a) “Borrower” means the same as that term is defined in Section 63A-3-401.5.
     (1)(b) “Fairpark district development fund” means the same as that term is defined in Section 63A-3-401.5.
     (1)(c) “Infrastructure loan” means the same as that term is defined in Section 63A-3-401.5.
     (1)(d) “Infrastructure project” means the same as that term is defined in Section 63A-3-401.5.
     (1)(e) “Loan approval committee” means a committee established under Subsection (2).
(2)

     (2)(a) The fairpark district shall establish a loan committee consisting of:

          (2)(a)(i) two individuals with expertise in public finance or infrastructure development, appointed by the governor;
          (2)(a)(ii) one individual with expertise in public finance or infrastructure development, appointed by the president of the Senate;
          (2)(a)(iii) one individual with expertise in public finance or infrastructure development, appointed by the speaker of the House of Representatives; and
          (2)(a)(iv) one individual with expertise in public finance or infrastructure development, appointed jointly by the president of the Senate and the speaker of the House of Representatives.
     (2)(b) A board member may not be appointed to or serve as a member of the loan committee.
(3)

     (3)(a) The loan committee may recommend for board approval an infrastructure loan from the fairpark district development fund to a borrower for an infrastructure project undertaken by the borrower.
     (3)(b) An infrastructure loan from the fairpark district development fund may not be made unless:

          (3)(b)(i) the infrastructure loan is recommended by the loan committee; and
          (3)(b)(ii) the board approves the infrastructure loan.
(4)

     (4)(a) If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of an infrastructure loan in accordance with Section 63A-3-404.
     (4)(b) The board shall require the terms of an infrastructure loan secured by enhanced property tax revenue to include a requirement that money from the infrastructure loan be used only for an infrastructure project within the project area that generates the enhanced property tax revenue.
(5) The board may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.
(6) Within 60 days after the execution of an infrastructure loan, the board shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:

     (6)(a) the Executive Appropriations Committee; and
     (6)(b) the State Finance Review Commission created in Section 63C-25-201.
(7)

     (7)(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.
     (7)(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:

          (7)(b)(i) Sections 63A-3-106 and 63A-3-107; and
          (7)(b)(ii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
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