Utah Code 53C-3-203. Land Exchange Distribution Account
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(1) As used in this section, “account” means the Land Exchange Distribution Account created in Subsection (2)(a).
Terms Used In Utah Code 53C-3-203
- Acquired mineral interests: means mineral interests acquired by the administration pursuant to Section 3(F), (K), (L), or (M) of the agreement. See Utah Code 53C-3-201
- Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
- Agreement: means the Agreement to Exchange Utah School Trust Lands Between the State of Utah and the United States of America, signed May 8, 1998, as ratified by the Utah School and Lands Exchange Act of 1998, Pub. See Utah Code 53C-3-201
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Exchange: means a land or mineral interest exchange by the administration and the United States of America after March 1, 2007 that is directed by Congressional action. See Utah Code 53C-3-201
- Exchanged mineral interests: means mineral interests:(6)(a) acquired by the administration through an exchange; and(6)(b) reduced in value to take into account the presence of minerals subject to leasing under the Mineral Leasing Act, Utah Code 53C-3-201
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Mineral: includes oil, gas, and hydrocarbons. See Utah Code 53C-1-103
- 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
- trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:(8)(a) the state's public education system; or(8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2)
(2)(a) There is created within the General Fund a restricted account known as the Land Exchange Distribution Account.
(2)(b) The account shall consist of revenue deposited in the account as required by Section 53C-3-202.
(3)
(3)(a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act.
(3)(b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.
(4) The Legislature shall annually appropriate from the account in the following order:
(4)(a) $1,000,000 to the Constitutional Defense Restricted Account created in Section 63C-4a-402; and
(4)(b) from the deposits to the account remaining after the appropriation in Subsection (4)(a), the following amounts:
(4)(b)(i) 55% of the deposits to counties in amounts proportionate to the amounts of mineral revenue generated from the acquired land, exchanged land, acquired mineral interests, or exchanged mineral interests located in each county, to be used to mitigate the impacts caused by mineral development;
(4)(b)(ii) 25% of the deposits to counties in amounts proportionate to the total surface and mineral acreage within each county that was conveyed to the United States under the agreement or an exchange, to be used to mitigate the loss of mineral development opportunities resulting from the agreement or exchange;
(4)(b)(iii) 1.68% of the deposits to the State Board of Education, to be used for education research and experimentation in the use of staff and facilities designed to improve the quality of education in Utah;
(4)(b)(iv) 1.66% of the deposits to the Geological Survey, to be used for natural resources development in the state;
(4)(b)(v) 1.66% of the deposits to the Water Research Laboratory at Utah State University, to be used for water development in the state;
(4)(b)(vi) 11% of the deposits to the Constitutional Defense Restricted Account created in Section 63C-4a-402;
(4)(b)(vii) 1% of the deposits to the Geological Survey, to be used for test wells and other hydrologic studies in the West Desert; and
(4)(b)(viii) 3% of the deposits to the Permanent Community Impact Fund created in Section 35A-8-303, to be used for grants to political subdivisions of the state to mitigate the impacts resulting from the development or use of school and institutional trust lands.
(5) The administration shall make recommendations to the Permanent Community Impact Fund Board for the Permanent Community Impact Fund Board’s consideration when awarding the grants described in Subsection (4)(b)(viii).