Utah Code 63A-3-402. Infrastructure funds established — Purpose of funds — Use of money in funds
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(1) There are created, as enterprise revolving loan funds:
Terms Used In Utah Code 63A-3-402
- Borrower: means a person who borrows money from an infrastructure fund for an infrastructure project. See Utah Code 63A-3-401.5
- Infrastructure fund: means a fund created in Subsection
63A-3-402 (1). See Utah Code 63A-3-401.5 - Inland port: means the same as that term is defined in Section
11-58-102 . See Utah Code 63A-3-401.5 - Inland port fund: means the infrastructure fund created in Subsection
63A-3-402 (1)(a). See Utah Code 63A-3-401.5 - Point of the mountain fund: means the infrastructure fund created in Subsection
63A-3-402 (1)(b). See Utah Code 63A-3-401.5 - Respective loan approval body: means :(14)(a) the board created in Section
11-58-301 , for purposes of an infrastructure loan from the inland port fund;(14)(b) the board created in Section11-59-301 , for purposes of an infrastructure loan from the point of the mountain fund;(14)(c) the board created in Section11-70-301 , for purposes of an infrastructure loan from the fairpark area development fund; or(14)(d) the committee created in Section63H-1-104 , for purposes of an infrastructure loan from the military development fund. See Utah Code 63A-3-401.5(1)(a) the inland port infrastructure revolving loan fund;(1)(b) the point of the mountain infrastructure revolving loan fund;(1)(c) the fairpark area development revolving loan fund; and(1)(d) the military development infrastructure revolving loan fund.
(2) The purpose of each infrastructure fund is to provide funding, through infrastructure loans, for infrastructure projects undertaken by a borrower.
(3)
(3)(a) Money in an infrastructure fund may be used only to provide loans for infrastructure projects.
(3)(b) The division may not loan money in an infrastructure fund without the approval of:
(3)(b)(i) the respective loan approval body; and
(3)(b)(ii) the Executive Appropriations Committee of the Legislature, for a loan from the inland port fund, the point of the mountain fund, or the fairpark area development fund.