UT Code § 11-58-106 (2021)
2021 Utah Code|Title 11 - Cities, Counties, and Local Taxing Units|Chapter 58 - Utah Inland Port Authority Act|Part 1 - General Provisions|Section 106 - Loan approval committee -- Approval of infrastructure loans.

 Effective 5/5/2021  11-58-106. Loan approval 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) "Inland port fund" means the same as that term is defined in Section 63A-3-401.5.     (e) "Loan approval committee" means a committee consisting of:   (i) the two board members appointed by the governor;     (ii) the board member appointed by the president of the Senate;     (iii) the board member appointed by the speaker of the House of Representatives; and     (iv) the board member appointed by the chair of the Permanent Community Impact Fund Board.         (2) The loan approval committee may approve an infrastructure loan from the inland port fund to a borrower for an infrastructure project undertaken by the borrower.     (3)   (a) The loan approval committee shall establish the terms of an infrastructure loan in accordance with Section 63A-3-404.     (b) The loan approval committee shall require the terms of an infrastructure loan secured by property tax differential to include a requirement that money from the infrastructure loan be used only for an infrastructure project within the project area that generates the property tax differential.     (c) The terms of an infrastructure loan that the loan approval committee approves may include provisions allowing for the infrastructure loan to be forgiven if:   (i) the infrastructure loan is to a public university in the state;     (ii) the infrastructure loan is to fund a vehicle electrification pilot project;     (iii) the amount of the infrastructure loan does not exceed $15,000,000; and     (iv) the public university receives matching funds for the vehicle electrification pilot project from another source.         (4)   (a) The loan approval committee shall establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.     (b) With respect to infrastructure loan requests for an infrastructure project on authority jurisdictional land, the policies and guidelines established under Subsection (4)(a) shall give priority to an infrastructure loan request that furthers the policies and best practices incorporated into the environmental sustainability component of the authority's business plan under Subsection 11-58-202(1)(a).       (5) Within 60 days after the execution of an infrastructure loan, the loan approval committee shall report the infrastructure loan, including the loan amount, terms, and security, to the Executive Appropriations Committee.     (6)   (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.        Enacted by Chapter 415, 2021 General Session