Utah Code 73-28-402. Agreement for delivery — Period for repayment of costs
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(1) The board and each district shall establish by contract the timing and amount of developed water to be delivered to the district.
Terms Used In Utah Code 73-28-402
- Board: means the Board of Water Resources. See Utah Code 73-28-103
- Construction costs: means all costs related to the construction of the project, including the environmental mitigation costs. See Utah Code 73-28-103
- Contract: A legal written agreement that becomes binding when signed.
- Developed water: means surface water developed by the project. See Utah Code 73-28-103
- District: means :(5)(a) the Central Iron County Water Conservancy District;(5)(b) the Kane County Water Conservancy District;(5)(c) the Washington County Water Conservancy District; or(5)(d) any combination of those districts listed in Subsections
(5)(a) through(c) . See Utah Code 73-28-103- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Project: means the Lake Powell Pipeline project and associated facilities, including:
(9)(a)(i) facilities associated with environmental mitigation;(9)(a)(ii) hydroelectric generating works and incidental electrical facilities;(9)(a)(iii) pipelines; and(9)(a)(iv) pumping stations. See Utah Code 73-28-103(2) If a contract was made before the project‘s completion, the district shall repay the preconstruction and construction costs within 50 years from the date of:(2)(a) the delivery of developed water to the district during the first 10 years after the project is completed; or(2)(b) the project’s completion for any developed water delivered to the district after the tenth anniversary date of the project’s completion.(3) If a contract was made after the project’s completion date, the district shall repay the preconstruction and construction costs within a period not to exceed 50 years from the date that the contract was made.(4) The board shall establish and charge a reasonable interest rate for the unpaid balance of reimbursable preconstruction and construction costs.