(1) There are created, as enterprise revolving loan funds:

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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 Section 11-59-301, for purposes of an infrastructure loan from the point of the mountain fund;
         (14)(c) the board created in Section 11-70-301, for purposes of an infrastructure loan from the fairpark area development fund; or
         (14)(d) the committee created in Section 63H-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.