Utah Code 63M-14-501. Colorado River Authority Restricted Account
Current as of: 2024 | Check for updates
|
Other versions
(1) There is created a restricted account in the General Fund known as the “Colorado River Authority Restricted Account.”
Terms Used In Utah Code 63M-14-501
- 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
- Authority: means the Colorado River Authority of Utah created by Section 63M-14-201. See Utah Code 63M-14-102
- Colorado River system: means the entire drainage of the Colorado River in Utah including both the main stem of the Colorado River and the Colorado River's tributaries. See Utah Code 63M-14-102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Restricted account: means the Colorado River Authority Restricted Account created in Section 63M-14-501. See Utah Code 63M-14-102
- River commissioner: means the person appointed under Section 63M-14-301. See Utah Code 63M-14-102
- 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
(2) The restricted account shall consist of:
(2)(a) money contributed by the following users of the Colorado River system in an amount that the respective governing bodies considers advisable:
(2)(a)(i) an irrigation district;
(2)(a)(ii) a nonprofit corporation;
(2)(a)(iii) a water conservancy district;
(2)(a)(iv) a municipality; or
(2)(a)(v) a metropolitan water district;
(2)(b) appropriations of the Legislature;
(2)(c) contributions from other sources, including federal funding; and
(2)(d) interest or earnings on the restricted account.
(3)
(3)(a) The state treasurer shall invest money in the restricted account according to Title 51, Chapter 7, State Money Management Act.
(3)(b) The state treasurer shall deposit interest or other earnings derived from investment of restricted account money into the restricted account.
(4) Subject to appropriation by the Legislature, money in the restricted account is for the use of the authority to:
(4)(a) fill the authority’s statutory duties related to Utah’s allocation of water from the Colorado River system;
(4)(b) pay the compensation of employees, consultants, and legal counsel; and
(4)(c) pay the travel expenses of the river commissioner.
(5) In addition to money contributed by the users of the Colorado River system described in Subsection (2)(a), a user may provide in-kind goods and services to the authority.