Utah Code § 63N-24-508 — Utah Code / Title 63N / Chapter 63N-24 / § 63N-24-508
§ 63N-24-508. Throughput Infrastructure Fund administered by impact board -- Uses -- Review by board -- Annual report -- First project.
Status: in_force

7/1/2026 (1) The impact board shall: (a) make grants and loans from the Throughput Infrastructure Fund created in Section 63N-24-507 for a throughput infrastructure project; (b) use money transferred to the Throughput Infrastructure Fund in accordance with statute to provide a loan or grant to finance the cost of acquisition or construction of a throughput infrastructure project to one or more local political subdivisions, including a Utah interlocal agency created under Title 11, Chapter 13, Interlocal Cooperation Act; (c) administer the Throughput Infrastructure Fund in a manner that will keep a portion of the fund revolving; (d) determine provisions for repayment of loans; (e) establish criteria for awarding loans and grants; and (f) establish criteria for determining eligibility for assistance under this section. (2) The cost of acquisition or construction of a throughput infrastructure project includes amounts for working capital, reserves, transaction costs, and other amounts determined by the impact board to be allocable to a throughput infrastructure project. (3) The impact board may restructure or forgive all or part of a local political subdivision's or interlocal agency's obligation to repay loans for extenuating circumstances. (4) To receive assistance under this section, a local political subdivision or an interlocal agency shall submit a formal application containing the information required by the impact board. (5) (a) The impact board shall: (i) review the proposed uses of the Throughput Infrastructure Fund for a loan or grant before approving the loan or grant and may condition approval on whatever assurances the impact board considers necessary to ensure that proceeds of the loan or grant will be used in accordance with this section; (ii) ensure that each loan specifies terms for interest deferments, accruals, and scheduled principal repayment; and (iii) ensure that repayment terms are evidenced by bonds, notes, or other obligations of the appropriate local political subdivision or interlocal agency issued to the impact board and payable from the net revenues of a throughput infrastructure project. (b) An instrument described in Subsection (5)(a)(iii) may be: (i) non-recourse to the local political subdivision or interlocal agency; and (ii) limited to a pledge of the net revenues from a throughput infrastructure project. (6) (a) Subject to the restriction in Subsection (6)(b), the impact board shall allocate from the Throughput Infrastructure Fund to the board those amounts that are appropriated by the Legislature for the administration of the Throughput Infrastructure Fund. (b) The amount described in Subsection (6)(a) may not exceed 2% of the annual receipts to the Throughput Infrastructure Fund. (7) The impact board shall submit a report to the office for inclusion in the annual written report described in Section 63N-1a-306, the number and type of loan or grant awarded and the subdivision or interlocal agency that received a loan or grant award under this section. (8) (a) The first throughput infrastructure project funded by the impact board shall be a bulk commodities ocean terminal project financed through a mixture of grant and loans, of which no less than 20% of the project costs funded by the impact board is grants. (b) Upon receipt of an application from an interlocal agency for a bulk commodities ocean terminal project, the impact board shall: (i) grant up to 2% of the money in the Throughput Infrastructure Fund to the interlocal agency to pay or reimburse costs incurred by the interlocal agency preliminary to the interlocal agency's acquisition of the throughput infrastructure project; and (ii) fund the interlocal agency's application if the application meets all criteria established by the impact board. (9) Notwithstanding Subsection (8) and following the procedures of this section, the impact board may issue a grant or loan for a throughput infrastructure project other than a bulk commodities ocean terminal project if the throughput infrastructure project: (a) is funded from the interest or other earnings deposited into the Throughput Infrastructure Fund; (b) is applied for by a political subdivision or interlocal agency to be distributed to a private entity described in Subsection (9)(c); and (c) is engaged in by a private entity if the private entity: (i) has the required permits to engage in mining fluorspar or gallium; (ii) will engage in the mining activity in a community within the state that is economically impacted by the Leasing Act; (iii) will draw money from the loan or grant by no later than two years from the day on which the impact board awards the loan or grant; and (iv) agrees to reimburse the Throughput Infrastructure Fund in staggered payments during a period beginning three years from the day on which the impact board approves the loan or grant and ending seven years from the day on which the impact board approves the loan or grant.