63M-1-2303 - Rural Broadband Service Account created -- Interest -- Costs -- Deposits to the General Fund. - Utah Statutes

63M-1-2303. Rural Broadband Service Account created -- Interest -- Costs --Deposits to the General Fund.
(1) There is created a restricted account within the General Fund known as the "RuralBroadband Service Account."
(2) The restricted account shall be funded by money appropriated by the Legislature.
(3) (a) The state treasurer shall invest money in the account according to Title 51,Chapter 7, State Money Management Act.
(b) The Division of Finance shall deposit interest or other earnings derived frominvestment of account money into the General Fund.
(4) Upon appropriation by the Legislature, the money deposited into the restrictedaccount in accordance with this section may be expended:
(a) by the director with the advice of the board to award grants to providers as providedin this part; and
(b) to cover the costs of administering this part in an amount during any fiscal year not toexceed 2% of the restricted account balance at the start of any fiscal year.
(5) (a) Except as provided in Subsection (5)(b), the money deposited into the restrictedaccount in accordance with this section are nonlapsing.
(b) Notwithstanding Subsection (5)(a), the Division of Finance shall deposit any moneyin the restricted account into the General Fund on July 1, 2010.

Amended by Chapter 278, 2010 General Session