Utah § 72-2-202 - State Infrastructure Bank Fund -- Creation -- Use of money.
Full text of Utah Utah Code § 72-2-202 — State Infrastructure Bank Fund -- Creation -- Use of money., with citation guidance and answers to common questions.
§ 72-2-202. State Infrastructure Bank Fund -- Creation -- Use of money.
Effective 5/3/2023 72-2-202.
State Infrastructure Bank Fund -- Creation -- Use of money.
(1)
There is created a revolving loan fund entitled the State Infrastructure Bank Fund.
(2)
(a)
The fund consists of money generated from the following revenue sources:
(i)
appropriations made to the fund by the Legislature;
(ii)
federal money and grants that are deposited into the fund;
(iii)
money transferred to the fund by the commission from other money available to the department;
(iv)
state grants that are deposited into the fund;
(v)
contributions or grants from any other private or public sources for deposit into the fund; and
(vi)
subject to Subsection (2)(b), all money collected from repayments of fund money used for infrastructure loans or infrastructure assistance.
(b)
When a loan from the fund is repaid, the department may request and the Legislature may transfer from the fund to the source from which the money originated an amount equal to the repaid loan.
(3)
(a)
The fund shall earn interest.
(b)
All interest earned on fund money shall be deposited into the fund.
(4)
Money 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 publicly owned infrastructure 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)
The department shall establish a separate account in the fund for infrastructure loans for publicly owned infrastructure projects in greenfield areas that are located no less than one mile from an existing municipal or county:
(i)
water supply;
(ii)
water distribution facility; or
(iii)
wastewater facility.
(c)
Prioritization of infrastructure loans described in Subsection (5)(b) shall follow the same process as described in Section 72-2-203.
Before July 1, 2022, the department shall transfer the loan described in Subsection 63B-27-101(3)(a)(i) from the State Infrastructure Bank Fund to the military development infrastructure revolving loan fund created in Section 63A-3-402.
(8)
Before July 1, 2023, the department shall transfer the funds described in Subsection 63B-27-101(3)(a)(ii) from the State Infrastructure Bank Fund to the inland port infrastructure revolving loan fund created in Section 63A-3-402.
Amended by Chapter 22, 2023 General Session Amended by Chapter 259, 2023 General Session
Section 72-2-202 ("State Infrastructure Bank Fund -- Creation -- Use of money.") 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 § 72-2-202?
A common citation format is "Utah Code § 72-2-202" (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 § 72-2-202 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.
