2006 Utah Code - 72-2-202 — Transportation Infrastructure Loan Fund -- Creation -- Use of monies.

     72-2-202.   Transportation Infrastructure Loan Fund -- Creation -- Use of monies.
     (1) There is created a revolving loan fund entitled the Transportation Infrastructure Loan Fund.
     (2) The fund consists of monies generated from the following revenue sources:
     (a) appropriations made to the fund by the Legislature;
     (b) federal monies and grants that are deposited in the fund;
     (c) monies transferred to the fund by the commission from other monies available to the department;
     (d) state grants that are deposited in the fund;
     (e) contributions or grants from any other private or public sources for deposit into the fund; and
     (f) all monies collected from repayments of fund monies used for infrastructure loans or infrastructure assistance.
     (3) (a) The fund shall earn interest.
     (b) All interest earned on fund monies shall be deposited into the fund.
     (4) Monies in the fund shall be used by the department, as prioritized by the commission, only to:
     (a) provide infrastructure loans or infrastructure assistance; and
     (b) pay the department for the costs of administering the fund, providing infrastructure loans or infrastructure assistance, monitoring transportation projects, and obtaining repayments of infrastructure loans or infrastructure assistance.
     (5) (a) The department may establish separate accounts in the fund for infrastructure loans, infrastructure assistance, administrative and operating expenses, or any other purpose to implement this part.
     (b) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the department may make rules governing how the fund and its accounts may be held by an escrow agent.
     (6) Fund monies shall be invested by the state treasurer as provided in Title 51, Chapter 7, State Money Management Act, and the earnings from the investments shall be credited to the fund.

Renumbered and Amended by Chapter 270, 1998 General Session