Section 1.5 – Great Salt Lake Account.

• (1) As used in this section:
  • (a) “Account” means the Great Salt Lake Account created in this section.
  • (b) “Mining” means the process of producing, extracting, leaching, evaporating, or otherwise removing a mineral from a natural deposit of the mineral.

• (2)
  • (a) There is created within the General Fund a restricted account known as the “Great Salt Lake Account” consisting of:
    • (i) revenues deposited into the account under Subsection (3);
    • (ii) appropriations from the Legislature; and
    • (iii) interest and other earnings described in Subsection (2)(b).
  • (b) The Office of the Treasurer shall deposit interest and other earnings derived from investment of money in the account into the account.

• (3) The division shall deposit into the account the royalty income received by the state from mining that occurs on or after July 1, 2022, of a mineral from the sovereign lands of the Great Salt Lake if during the fiscal year beginning July 1, 2020, the state did not receive royalty income from the mining of that same mineral from the sovereign lands of the Great Salt Lake.

• (4) Upon appropriation by the Legislature, money in the account may be used to manage the water levels of the Great Salt Lake.

Enacted by Chapter 54, 2022 General Session