Utah Code 51-9-303. Creation of Infrastructure and Economic Diversification Investment Account
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(1)
Terms Used In Utah Code 51-9-303
- Infrastructure and Economic Diversification Investment Account: means the Infrastructure and Economic Diversification Investment Account created in Section
51-9-303 . See Utah Code 51-9-302 - 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) There is created a restricted account within the General Fund known as the “Infrastructure and Economic Diversification Investment Account.”
(1)(b) The Infrastructure and Economic Diversification Investment Account shall consist of:
(1)(b)(i) all money credited to the account under Section 51-9-305;
(1)(b)(ii) appropriations from the Legislature; and
(1)(b)(iii) grants from private foundations.
(2)
(2)(a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act.
(2)(b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.
(3) The Legislature may appropriate money from the Infrastructure and Economic Diversification Investment Account for:
(3)(a) infrastructure and economic diversification investment projects; and
(3)(b) research projects that support economic and capital development within areas of the state that produced the severance tax revenues.
(4) At least 25% of the money appropriated in accordance with Subsection (3) shall be used for the following projects within areas of the state that produced the severance tax revenues:
(4)(a) capital and infrastructure development;
(4)(b) economic diversification investment; and
(4)(c) research to support Subsections (4)(a) and (b).