Section 1705 – Navajo Revitalization Fund Board.
Effective 5/10/2016 35A-8-1705. Navajo Revitalization Fund Board. (1) There is created within the division the Navajo Revitalization Fund Board composed of five members as follows: (a) the governor or the governor’s designee; (b) the two members of the San Juan County commission whose districts include portions of the Navajo Reservation; (c) the chair of the […]
Section 1706 – Powers — Duties.
35A-8-1706. Powers — Duties. (1) The board shall: (a) direct the division regarding grants and loans from the revitalization fund to eligible entities to serve persons that are or may be socially or economically impacted, directly or indirectly, by mineral resource development; (b) establish procedures for application for an award of grants and loans including […]
Section 1707 – Revitalization fund administered by board — Eligibility for assistance — Review by board — Restrictions on loans and grants — Division to distribute money.
Effective 5/14/2019 35A-8-1707. Revitalization fund administered by board — Eligibility for assistance — Review by board — Restrictions on loans and grants — Division to distribute money. (1) (a) If an eligible entity wishes to receive a loan or grant from the board, the eligible entity shall file an application with the board that contains […]
Section 1708 – Annual report.
Effective 5/13/2014 35A-8-1708. Annual report. The division shall provide an annual report to the department concerning the number and type of loans and grants made as well as a list of recipients of this assistance for inclusion in the department’s annual written report described in Section 35A-1-109. Amended by Chapter 371, 2014 General Session
Section 2101 – Title — Purpose.
Effective 7/1/2018 35A-8-2101. Title — Purpose. (1) This part is known as “Private Activity Bonds.” (2) This part establishes procedures to effectively and equitably allocate this state’s private activity bond volume cap authorized by the Internal Revenue Code of 1986 in order to maximize the social and economic benefits to this state. Renumbered and Amended […]
Section 2102 – Definitions.
Effective 7/1/2018 35A-8-2102. Definitions. As used in this part: (1) “Allocated volume cap” means a volume cap for which: (a) a certificate of allocation is in effect; or (b) bonds have been issued. (2) “Allotment accounts” means the various accounts created in Section 35A-8-2106. (3) “Board of review” means the Private Activity Bond Review Board […]
Section 2103 – Private Activity Bond Review Board.
Effective 1/1/2021 35A-8-2103. Private Activity Bond Review Board. (1) There is created within the department the Private Activity Bond Review Board, composed of the following 11 members: (a) (i) the executive director of the department or the executive director’s designee; (ii) the executive director of the Governor’s Office of Economic Opportunity or the executive director’s […]
Section 2104 – Powers, functions, and duties of the board of review.
Effective 7/1/2018 35A-8-2104. Powers, functions, and duties of the board of review. The board of review shall: (1) make, subject to the limitations of the code, allocations of volume cap to issuing authorities; (2) determine the amount of volume cap to be allocated with respect to approved applications; (3) maintain a record of all applications […]
Section 2105 – Allocation of volume cap.
Effective 7/1/2022 35A-8-2105. Allocation of volume cap. (1) (a) Subject to Subsection (1)(b), the volume cap for each year shall be distributed by the board of review to the allotment accounts as described in Section 35A-8-2106. (b) The board of review may distribute up to 50% of each increase in the volume cap for use […]
Section 1703 – Legislative intent.
Effective 5/14/2019 35A-8-1703. Legislative intent. (1) The purpose of this part is to: (a) maximize the long-term benefit of state severance taxes derived from lands in Utah held in trust by the United States for the Navajo Nation and its members by fostering funding mechanisms that will, consistent with sound financial practices, result in the […]