Full text of Utah Utah Code § 11-59-104 — Loan committee -- Approval of infrastructure loans., with citation guidance and answers to common questions.
§ 11-59-104. Loan committee -- Approval of infrastructure loans.
Effective 5/4/2022 11-59-104.
Loan committee -- Approval of infrastructure loans.
(1)
As used in this section:
(a)
"Borrower" means the same as that term is defined in Section 63A-3-401.5.
(b)
"Infrastructure loan" means the same as that term is defined in Section 63A-3-401.5.
(c)
"Infrastructure project" means the same as that term is defined in Section 63A-3-401.5.
(d)
"Point of the mountain fund" means the same as that term is defined in Section 63A-3-401.5.
(e)
"Loan committee" means a committee established under Subsection (2).
(2)
The authority shall establish a five-member loan committee consisting of:
(a)
the individual who is the board member appointed by the governor under Subsection 11-59-302(2)(c)(ii);
(b)
the individual who is a board member under Subsection 11-59-302(2)(e) because the individual is the mayor of Draper or a member of the Draper city council;
(c)
the executive director of the Department of Transportation, or the executive director's designee;
(d)
an individual, appointed by the governor, who:
(i)
is not an elected official; and
(ii)
has expertise in public finance or infrastructure development; and
(e)
an individual, appointed jointly by the president of the Senate and speaker of the House of Representatives, who:
(i)
is not an elected official; and
(ii)
has expertise in public finance or infrastructure development.
(3)
(a)
The loan committee may recommend for board approval an infrastructure loan from the point of the mountain fund to a borrower for an infrastructure project undertaken by the borrower.
(b)
An infrastructure loan from the point of the mountain fund may not be made unless:
(i)
the infrastructure loan is recommended by the loan committee; and
(ii)
the board approves the infrastructure loan.
(4)
If the loan committee recommends an infrastructure loan, the loan committee shall recommend the terms of the infrastructure loan in accordance with Section 63A-3-404.
(5)
The board may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.
(6)
Within 60 days after the execution of an infrastructure loan, the board shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:
(a)
the Executive Appropriations Committee; and
(b)
the State Finance Review Commission created in Section 63C-25-201.
A committee member who is not a legislator may not receive compensation or benefits for the member's service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:
Section 11-59-104 ("Loan committee -- Approval of infrastructure loans.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 11-59-104?
A common citation format is "Utah Code § 11-59-104" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 11-59-104 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
