2006 Utah Code - 9-4-303 — Impact fund -- Deposits and contents -- Use of fund monies.

     9-4-303.   Impact fund -- Deposits and contents -- Use of fund monies.
     (1) There is created an enterprise fund entitled the "Permanent Community Impact Fund."
     (2) The fund consists of:
     (a) all amounts appropriated to the impact fund under Section 59-21-2;
     (b) bonus payments deposited to the impact fund pursuant to Subsection 59-21-1(2);
     (c) bonus payments deposited to the impact fund pursuant to Section 53C-3-202;
     (d) all amounts received for the repayment of loans made by the impact board under this chapter; and
     (e) all other monies appropriated or otherwise made available to the impact fund by the Legislature.
     (3) The state treasurer shall:
     (a) invest the monies in the impact fund by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act; and
     (b) deposit all interest or other earnings derived from those investments into the impact fund.
     (4) The amounts in the impact fund available for loans, grants, administrative costs, or other purposes of this part shall be limited to that which the Legislature appropriates for these purposes.
     (5) Federal mineral lease revenue received by the state under the Leasing Act that is deposited into the impact fund shall be used:
     (a) in a manner consistent with:
     (i) the Leasing Act; and
     (ii) this part; and
     (b) for loans, grants, or both to state agencies or subdivisions that are socially or economically impacted by the leasing of minerals under the Leasing Act.
     (6) Mineral lease revenue collected by the School and Institutional Trust Lands Administration from the lease of minerals on acquired lands or the lease of acquired mineral interests that is deposited into the impact fund shall be used:
     (a) in a manner consistent with this part; and
     (b) for loans, grants, or both to state agencies or subdivisions socially or economically impacted by the leasing of:
     (i) minerals on acquired lands; or
     (ii) acquired mineral interests.

Amended by Chapter 175, 2001 General Session