Affected by 63I-1-211 on 1/1/2029
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.
- (7)
- (a) Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.
- (b) 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:
- (i) Sections 63A-3-106 and 63A-3-107; and
- (ii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.
Amended by Chapter 207, 2022 General Session
Amended by Chapter 237, 2022 General Session