9-10-104 - Duties -- Loans -- Interest. - Utah Statutes

9-10-104. Duties -- Loans -- Interest.
(1) The board shall:
(a) subject to the other provisions of this chapter and an agreement entered into underTitle 11, Chapter 13, Interlocal Cooperation Act, among the state, the counties, and the Tribe,make recommendations to the division for grants and loans from the revitalization fund to countyagencies and the Tribe that are or may be socially or economically impacted, directly orindirectly, by mineral resource development;
(b) establish procedures for application for and award of grants and loans including:
(i) eligibility criteria;
(ii) subject to Subsection 9-10-106(2)(b), a preference that capital projects, includingsubsidized and low-income housing, and other one-time need projects and programs have priorityover other projects;
(iii) a preference for projects and programs that are associated with the geographic areawhere the oil and gas were produced; and
(iv) coordination of projects and programs with other projects and programs funded byfederal, state, and local governmental entities;
(c) determine the order in which projects will be funded;
(d) allocate the amount to be distributed from the revitalization fund for grants or loansto each county and the Tribe during a fiscal year as follows:
(i) up to and including the first $3,000,000 that is approved for distribution by the boardduring a fiscal year, the board may allocate the amount in accordance with the interlocalagreement described by Subsection (1)(a), except that the board may not allocate less than 75%of the amount under the interlocal agreement to the Tribe unless the interlocal agreement isfurther modified by statute; and
(ii) beginning with fiscal year 2007-08, any amount approved for distribution by theboard during that fiscal year in excess of $3,000,000 shall be allocated equally amongst eachcounty and the Tribe so that each receives 1/3 of the amount approved for distribution by theboard in excess of $3,000,000;
(e) qualify for, accept, and administer grants, gifts, loans, or other funds from the federalgovernment and from other sources, public or private; and
(f) perform other duties assigned to it under the interlocal agreement described inSubsection (1)(a) that are not prohibited by law or otherwise modified by this chapter.
(2) The board shall ensure that loan repayments and interest are deposited into therevitalization fund.
(3) The interlocal agreement described in Subsection (1)(a) shall be consistent with thefollowing statutes, including any subsequent amendments to those statutes:
(a) this chapter;
(b) Title 11, Chapter 13, Interlocal Cooperation Act;
(c) Section 59-5-116; and
(d) any other applicable provision of this Utah Code.

Amended by Chapter 104, 2007 General Session