Effective 3/21/2022
4-18-106. Agriculture Resource Development Fund — Contents — Use of fund money — Advisory board.
4-18-106. Agriculture Resource Development Fund — Contents — Use of fund money — Advisory board.
- (1) As used in this section:
- (a) “Disaster” means an extraordinary circumstance, including a flood, drought, or fire, that results in:
- (i) the president of the United States declaring an emergency or major disaster in the state;
- (ii) the governor declaring a state of emergency under Title 53, Chapter 2a, Part 2, Disaster Response and Recovery Act; or
- (iii) the chief executive officer of a local government declaring a local emergency under Title 53, Chapter 2a, Part 2, Disaster Response and Recovery Act.
- (b) “Local government” means the same as that term is defined in Section 53-2a-602.
- (a) “Disaster” means an extraordinary circumstance, including a flood, drought, or fire, that results in:
- (2) There is created a revolving loan fund known as the Agriculture Resource Development Fund.
- (3) The Agriculture Resource Development Fund shall consist of:
- (a) money appropriated to the fund by the Legislature;
- (b) sales and use tax receipts transferred to the fund in accordance with Section 59-12-103;
- (c) money received for the repayment of loans made from the fund;
- (d) money made available to the state for agriculture resource development from any source; and
- (e) interest earned on the fund.
- (4) The commission may make loans from the Agriculture Resource Development Fund for:
- (a) a rangeland improvement and management project;
- (b) a watershed protection or flood prevention project;
- (c) a soil and water conservation project;
- (d) a program designed to promote energy efficient farming practices;
- (e) an improvement program for agriculture product storage or program designed to protect a crop or animal resource;
- (f) a hydroponic or aquaponic system;
- (g) a project or program to improve water quality;
- (h) a project to address other environmental issues; or
- (i) subject to Subsection (5), a disaster relief program designed to aid the sustainability of agriculture during and immediately following a disaster.
- (5)
- (a) Loans made through a disaster relief program described in Subsection (4)(i) may not comprise more than 10% of the funds appropriated by the Legislature to the Agriculture Resource Development Fund.
- (b) Notwithstanding Subsection (5)(a), the department may use all money appropriated to the Agriculture Resource Development Fund by the Legislature or another source, without limitation, if the money is appropriated specifically for use in a disaster relief program.
- (c)
- (i) Until December 31, 2024, the department is authorized to borrow up to $3,000,000 of General Fund appropriations from the Agricultural Water Optimization Account created in Section 73-10g-204 to be used in making loans through a disaster relief program described in Subsection (4)(i).
- (ii) If the department borrows from the Agricultural Water Optimization Account under Subsection (5)(c)(i), the department shall deposit the repayment of principal and interest on loans made through a disaster relief program, regardless of the source of the funds used to make those loans, into the Agricultural Water Optimization Account, with preference over the repayment of any other source of funds, until the Agricultural Water Optimization Account is repaid in full.
- (6) The commission may appoint an advisory board to:
- (a) oversee the award process for loans, as described in this section;
- (b) approve loans; and
- (c) recommend policies and procedures for the Agriculture Resource Development Fund that are consistent with statute.
Amended by Chapter 79, 2022 General Session
Amended by Chapter 178, 2019 General Session