2006 Utah Code - 63-38f-2003 — Creation of Business Development for Disadvantaged Rural Communities Restricted Account -- Interest -- Costs of administering the restricted account -- Monies and interest nonlapsing -- Deposit of certain monies and interest into General Fund.

     63-38f-2003.   Creation of Business Development for Disadvantaged Rural Communities Restricted Account -- Interest -- Costs of administering the restricted account -- Monies and interest nonlapsing -- Deposit of certain monies and interest into General Fund.
     (1) There is created within the General Fund the Business Development for Disadvantaged Rural Communities Restricted Account.
     (2) The restricted account shall be funded by:
     (a) monies appropriated to the account by the Legislature;
     (b) monies received by the office as:
     (i) repayment of a loan that the board grants to an eligible county under this part; and
     (ii) interest on a loan described in Subsection (2)(b)(i); and
     (c) the interest described in Subsection (3).
     (3) (a) The restricted account shall earn interest.
     (b) The interest described in Subsection (3)(a) shall be deposited into the account.
     (4) Upon appropriation by the Legislature, the monies and interest deposited into the restricted account in accordance with this section may be expended:
     (a) by the board to award grants or loans to eligible counties as provided in this part; and
     (b) to cover the costs of administering this part:
     (i) in an amount not to exceed $5,000 in any fiscal year; and
     (ii) including the costs of providing staff support to administer this part.
     (5) (a) Except as provided in Subsection (5)(b), the monies and interest deposited into the restricted account in accordance with this section are nonlapsing.
     (b) Notwithstanding Subsection (5)(a), the Division of Finance shall deposit any monies and interest in the restricted account on July 1, 2015 into the General Fund.

Enacted by Chapter 151, 2005 General Session