73-10-25.1 - Credit enhancement and interest buy-down agreements. - Utah Statutes

73-10-25.1. Credit enhancement and interest buy-down agreements.
(1) The Board of Water Resources may enter into credit enhancement agreements withpolitical subdivisions containing terms and provisions that the board determines will reasonablyimprove the security for or marketability of water project obligations financed using the WaterResources Cities Water Loan Fund created in Section 73-10-22 or the Water ResourcesConservation and Development Fund created in Section 73-10-24. Credit enhancementagreements may include provisions for loans to political subdivisions to pay the costs of obtainingletters of credit or other forms of insurance or security to provide security for water projectobligations.
(2) The Board of Water Resources may make loans or grants from the Water ResourcesCities Water Loan Fund or the Water Resources Conservation and Development Fund to politicalsubdivisions for interest buy-down agreements for water development projects.

Amended by Chapter 199, 1996 General Session