2016 Utah Code
Title 35A - Utah Workforce Services Code
Chapter 8 - Housing and Community Development Division
Part 3 - Community Impact Alleviation
Section 309 - Throughput Infrastructure Fund administered by impact board -- Uses -- Review by board -- Annual report.

Effective 7/1/2016
35A-8-309. Throughput Infrastructure Fund administered by impact board -- Uses -- Review by board -- Annual report.

• (1) The impact board shall:
  • (a) make grants and loans from the Throughput Infrastructure Fund created in Section 35A-8-308 for a throughput infrastructure project;
  • (b) use money transferred to the Throughput Infrastructure Fund in accordance with Subsection 59-12-103(14) to provide a loan or grant to finance the cost of acquisition or construction of a throughput infrastructure project to one or more local political subdivisions, including a Utah interlocal entity created under the Interlocal Cooperation Act, Title 11, Chapter 13;
  • (c) administer the Throughput Infrastructure Fund in a manner that will keep a portion of the fund revolving;
  • (d) determine provisions for repayment of loans;
  • (e) establish criteria for awarding loans and grants; and
  • (f) establish criteria for determining eligibility for assistance under this section.

• (2) The cost of acquisition or construction of a throughput infrastructure project includes amounts for working capital, reserves, transaction costs, and other amounts determined by the impact board to be allocable to a throughput infrastructure project.

• (3) The impact board may restructure or forgive all or part of a local political subdivision's or interlocal entity's obligation to repay loans for extenuating circumstances.

• (4) In order to receive assistance under this section, a local political subdivision or an interlocal entity shall submit a formal application containing the information that the impact board requires.

• (5)
  • (a) The impact board shall:
    • (i) review the proposed uses of the Throughput Infrastructure Fund for a loan or grant before approving the loan or grant and may condition its approval on whatever assurances the impact board considers necessary to ensure that proceeds of the loan or grant will be used in accordance with this section;
    • (ii) ensure that each loan specifies terms for interest deferments, accruals, and scheduled principal repayment; and
    • (iii) ensure that repayment terms are evidenced by bonds, notes, or other obligations of the appropriate local political subdivision or interlocal entity issued to the impact board and payable from the net revenues of a throughput infrastructure project.
  • (b) An instrument described in Subsection (5)(a)(iii) may be:
    • (i) non-recourse to the local political subdivision or interlocal entity; and
    • (ii) limited to a pledge of the net revenues from a throughput infrastructure project.

• (6)
  • (a) Subject to the restriction in Subsection (6)(b), the impact board shall allocate from the Throughput Infrastructure Fund to the board those amounts that are appropriated by the Legislature for the administration of the Throughput Infrastructure Fund.
  • (b) The amount described in Subsection (6)(a) may not exceed 2% of the annual receipts to the fund.

• (7) The board shall include in the annual written report described in Section 35A-1-109:
  • (a) the number and type of loans and grants made under this section; and
  • (b) a list of local political subdivisions or interlocal entities that received assistance under this section.

Enacted by Chapter 184, 2016 General Session