UT Code § 11-58-602 (2021)
2021 Utah Code|Title 11 - Cities, Counties, and Local Taxing Units|Chapter 58 - Utah Inland Port Authority Act|Part 6 - Property Tax Differential|Section 602 - Allowable uses of property tax differential and other funds.

 Effective 3/24/2020  11-58-602. Allowable uses of property tax differential and other funds.    (1) The authority may use the property tax differential, money the authority receives from the state, money the authority receives under Subsection 59-12-205(2)(b)(iii), and other funds available to the authority:   (a) for any purpose authorized under this chapter;     (b) for administrative, overhead, legal, consulting, and other operating expenses of the authority;     (c) to pay for, including financing or refinancing, all or part of the development of land within a project area, including assisting the ongoing operation of a development or facility within the project area;     (d) to pay the cost of the installation and construction of publicly owned infrastructure and improvements within the project area from which the property tax differential funds were collected;     (e) to pay the cost of the installation of publicly owned infrastructure and improvements outside a project area if the board determines by resolution that the infrastructure and improvements are of benefit to the project area;     (f) to pay to a community reinvestment agency for affordable housing, as provided in Subsection 11-58-601(6); and     (g) to pay the principal and interest on bonds issued by the authority.       (2) The authority may use revenue generated from the operation of publicly owned infrastructure operated by the authority or improvements, including an intermodal facility, operated by the authority to:   (a) operate and maintain the infrastructure or improvements; and     (b) pay for authority operating expenses, including administrative, overhead, and legal expenses.       (3) The determination of the board under Subsection (1)(e) regarding benefit to the project area is final.     (4) The authority may not use property tax differential revenue collected from one project area for a development project within another project area.     (5) Until the authority adopts a business plan under Subsection 11-58-202(1)(a), the authority may not spend property tax differential revenue collected from authority jurisdictional land.     (6)   (a) As used in this Subsection (6):   (i) "Authority sales and use tax revenue" means money distributed to the authority under Subsection 59-12-205(2)(b)(iii).     (ii) "Eligible county" means a county that would be entitled to receive sales and use tax revenue under Subsection 59-12-205(2)(b)(i) in the absence of Subsection 59-12-205(2)(b)(iii).     (iii) "Eligible municipality" means a municipality that would be entitled to receive sales and use tax revenue under Subsection 59-12-205(2)(b)(i) in the absence of Subsection 59-12-205(2)(b)(iii).     (iv) "Point of sale portion" means:   (A) for an eligible county, the amount of sales and use tax revenue the eligible county would have received under Subsection 59-12-205(2)(b)(i) in the absence of Subsection 59-12-205(2)(b)(iii), excluding the retail sales portion; and     (B) for an eligible municipality, the amount of sales and use tax revenue the eligible municipality would have received under Subsection 59-12-205(2)(b)(i) in the absence of Subsection 59-12-205(2)(b)(iii), excluding the retail sales portion.       (v) "Retail sales portion" means the amount of sales and use tax revenue collected under Subsection 59-12-205(2)(b)(i) from retail sales transactions that occur on authority jurisdictional land.       (b) Within 45 days after receiving authority sales and use tax revenue, the authority shall:   (i) distribute half of the point of sale portion to each eligible county and eligible municipality; and     (ii) distribute all of the retail sales portion to each eligible county and eligible municipality.        Amended by Chapter 126, 2020 General Session