Utah § 19-8-120 - Creation of Brownfields Fund -- Purposes -- Loan and grant eligibility -- Loan restrictions -- Rulemaking.
Full text of Utah Utah Code § 19-8-120 — Creation of Brownfields Fund -- Purposes -- Loan and grant eligibility -- Loan restrictions -- Rulemaking., with citation guidance and answers to common questions.
§ 19-8-120. Creation of Brownfields Fund -- Purposes -- Loan and grant eligibility -- Loan restrictions -- Rulemaking.
19-8-120.
Creation of Brownfields Fund -- Purposes -- Loan and grant eligibility -- Loan restrictions -- Rulemaking.
(1)
As used in this section, "brownfield" has the same meaning as in 42 U.S.C. Sec. 9601(39).
(2)
There is created an enterprise fund known as the Brownfields Fund.
(3)
The fund is created to enable the state to use federal funding as available to provide capital for a revolving loan fund and to provide funds for grants to carry out cleanup activities at brownfield sites.
(4)
The sources of fund money are:
(a)
federal grant money;
(b)
principal and interest received from the repayment of loans made under this section; and
(c)
all investment income derived from fund money.
(5)
The executive director may make loans and grants in accordance with this section from the fund to applicants who meet the criteria under the terms of the federal grant money in the fund.
(6)
The executive director shall consider loan and grant applications under Subsection (5) to determine whether the application meets the objectives established by the federal grant.
(7)
Loans made under this section shall:
(a)
be for no greater amount than allowed by the federal grant;
(b)
have a fixed annual interest rate as allowed by the federal grant;
(c)
have a term as allowed by the federal grant;
(d)
be made on the condition the loan applicant obtains adequate security for the loan as established by administrative rules made under Subsection (9); and
(e)
comply with administrative rules made under Subsection (9).
(8)
Grants made under this section shall:
(a)
be for no greater amount than allowed by the federal grant; and
(b)
comply with administrative rules made under Subsection (9).
Funding for the cost of administration of the fund shall be consistent with the terms of the federal grant.
(12)
The executive director may enter into agreements with public entities or private funding organizations to perform any task associated with administration of the fund.
Section 19-8-120 ("Creation of Brownfields Fund -- Purposes -- Loan and grant eligibility -- Loan restrictions -- Rulemaking.") 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 § 19-8-120?
A common citation format is "Utah Code § 19-8-120" (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 § 19-8-120 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.
