Download Zipped Amended WordPerfect SB0076S03.ZIP
[Introduced][Status][Bill Documents][Fiscal Note][Bills Directory]

Third Substitute S.B. 76

This document includes Senate 2nd Reading Floor Amendments incorporated into the bill on Mon, Mar 9, 2009 at 6:37 PM by rday. -->

Senator Curtis S. Bramble proposes the following substitute bill:


             1     
ENERGY AMENDMENTS

             2     
2009 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Curtis S. Bramble

             5     
House Sponsor: Roger E. Barrus

             6     

             7      LONG TITLE
             8      General Description:
             9          This bill creates the Utah Generated Renewable Energy Electricity Network Authority
             10      as an independent state agency.
             11      Highlighted Provisions:
             12          This bill:
             13          .    modifies provisions related to independent entities;
             14          .    enacts the Utah Generated Renewable Energy Electricity Network Authority Act,
             15      including:
             16              .    creating the authority as an independent state agency;
             17              .    defining terms;
             18              .    providing for approval of qualifying transmission projects;
             19              .    addressing powers and duties, including rulemaking authority;
             20              .    authorizing bonding by the authority;
             21              .    addressing annual budgets;
             22              .    addressing audits;
             23              .    providing a process related to dissolution; and
             24              .    creating a board; and
             25          .    makes technical and conforming amendments.



Text Box

- 2 -
             26
     Monies Appropriated in this Bill:
             27          None
             28      Other Special Clauses:
             29          None
             30      Utah Code Sections Affected:
             31      AMENDS:
             32          63E-1-102, as last amended by Laws of Utah 2008, Chapters 360 and 382
             33      ENACTS:
             34          63H-2-101, Utah Code Annotated 1953
             35          63H-2-102, Utah Code Annotated 1953
             36          63H-2-201, Utah Code Annotated 1953
             37          63H-2-202, Utah Code Annotated 1953
             38          63H-2-203, Utah Code Annotated 1953
             39          63H-2-204, Utah Code Annotated 1953
             40          63H-2-301, Utah Code Annotated 1953
             41          63H-2-302, Utah Code Annotated 1953
             42          63H-2-401, Utah Code Annotated 1953
             43          63H-2-402, Utah Code Annotated 1953
             44          63H-2-403, Utah Code Annotated 1953
             45          63H-2-404, Utah Code Annotated 1953
             46          63H-2-501, Utah Code Annotated 1953
             47          63H-2-502, Utah Code Annotated 1953
             48          63H-2-503, Utah Code Annotated 1953
             49          63H-2-504, Utah Code Annotated 1953
             50     

             51      Be it enacted by the Legislature of the state of Utah:
             52          Section 1. Section 63E-1-102 is amended to read:
             53           63E-1-102. Definitions.
             54          As used in this title:
             55          (1) "Authorizing statute" means the statute creating an entity as an independent entity.
             56          (2) "Committee" means the Retirement and Independent Entities Committee created in



Text Box

- 3 -
             57
     Section 63E-1-201 .
             58          (3) "Independent corporation" means a corporation incorporated in accordance with
             59      Chapter 2, Independent Corporations Act.
             60          (4) (a) "Independent entity" means an entity having a public purpose relating to the
             61      state or its citizens that is individually created by the state or is given by the state the right to
             62      exist and conduct its affairs as an:
             63          (i) independent state agency; or
             64          (ii) independent corporation.
             65          (b) "Independent entity" includes the:
             66          (i) Dairy Commission created in Title 4, Chapter 22, Dairy Promotion Act;
             67          (ii) Heber Valley Railroad Authority created in Title 9, Chapter 3, Part 3, Heber Valley
             68      Historic Railroad Authority;
             69          (iii) Utah Science Center Authority created in Title 9, Chapter 3, Part 4, Utah Science
             70      Center Authority;
             71          (iv) Utah Housing Corporation created in Title 9, Chapter 4, Part 9, Utah Housing
             72      Corporation Act;
             73          (v) Utah State Fair Corporation created in Title 9, Chapter 4, Part 11, Utah State Fair
             74      Corporation Act;
             75          (vi) Workers' Compensation Fund created in Title 31A, Chapter 33, Workers'
             76      Compensation Fund;
             77          (vii) Utah State Retirement Office created in Title 49, Chapter 11, Utah State
             78      Retirement Systems Administration;
             79          (viii) School and Institutional Trust Lands Administration created in Title 53C,
             80      Chapter 1, Part 2, School and Institutional Trust Lands Administration;
             81          (ix) Utah Communications Agency Network created in Title 63C, Chapter 7, Utah
             82      Communications Agency Network Act; [and]
             83          (x) Utah Generated Renewable Energy Electricity Network Authority created in Title
             84      63H, Chapter 2, Utah Generated Renewable Energy Electricity Network Authority Act; and
             85          [(x)] (xi) Utah Capital Investment Corporation created in Title 63M, Chapter 1, Part
             86      12, Utah Venture Capital Enhancement Act.
             87          (c) Notwithstanding this Subsection (4), "independent entity" does not include:



Text Box

- 4 -
             88
         (i) the Public Service Commission of Utah created in Section 54-1-1 ;
             89          (ii) an institution within the state system of higher education;
             90          (iii) a city, county, or town;
             91          (iv) a local school district;
             92          (v) a local district under Title 17B, Limited Purpose Local Government Entities - Local
             93      Districts; or
             94          (vi) a special service district under Title 17D, Chapter 1, Special Service District Act.
             95          (5) "Independent state agency" means an entity that is created by the state, but is
             96      independent of the governor's direct supervisory control.
             97          (6) "Monies held in trust" means monies maintained for the benefit of:
             98          (a) one or more private individuals, including public employees;
             99          (b) one or more public or private entities; or
             100          (c) the owners of a quasi-public corporation.
             101          (7) "Public corporation" means an artificial person, public in ownership, individually
             102      created by the state as a body politic and corporate for the administration of a public purpose
             103      relating to the state or its citizens.
             104          (8) "Quasi-public corporation" means an artificial person, private in ownership,
             105      individually created as a corporation by the state which has accepted from the state the grant of
             106      a franchise or contract involving the performance of a public purpose relating to the state or its
             107      citizens.
             108          Section 2. Section 63H-2-101 is enacted to read:
             109     
CHAPTER 2. UTAH GENERATED RENEWABLE ENERGY ELECTRICITY

             110     
NETWORK AUTHORITY ACT

             111     
Part 1. General Provisions

             112          63H-2-101. Title.
             113          This chapter is known as the "Utah Generated Renewable Energy Electricity Network
             114      Authority Act."
             115          Section 3. Section 63H-2-102 is enacted to read:
             116          63H-2-102. Definitions.
             117          As used in this chapter:
             118          (1) "Authority" means the Utah Generated Renewable Energy Electricity Network



Text Box

- 5 -
             119
     Authority created in Section 63H-2-201 .
             120          (2) "Authority bond" means a bond issued by the authority in accordance with Part 4,
             121      Bonding.
             122          (3) "Board" means the board created under Section 63H-2-202 .
             123          (4) "Community" means the county, city, or town in which is located a qualifying
             124      transmission project financed by an authority bond.
             125          (5) "Electric interlocal entity" means an interlocal entity defined in Section 11-13-103 .
             126          (6) "Independent state agency" is as defined in Section 63E-1-102 .
             127          (7) "Public entity" means:
             128          (a) the United States or an agency of the United States;
             129          (b) the state or an agency of the state;
             130          (c) a political subdivision of the state or an agency of a political subdivision of the
             131      state;
             132          (d) another state or an agency of that state; or
             133          (e) a political subdivision of another state or an agency of that political subdivision.
             134          (8) "Qualifying transmission project" means a transmission project approved by the
             135      board in accordance with Part 3, Qualifying Transmission Projects.
             136          (9) "Record" means information that is:
             137          (a) inscribed on a tangible medium; or
             138          (b) (i) stored in an electronic or other medium; and
             139          (ii) retrievable in perceivable form.
             140          (10) "Related facility" means a facility related to the effective operation of a
             141      transmission line although the facility is not directly a part of a transmission line, including:
             142          (a) a substation; or
             143          (b) an access road.
             144          (11) "Renewable energy source" is as defined in Section 10-19-102 .
             145          (12) "Transmission project" means a project that is designed to:
             146          (a) increase capacity for transmission of electric power or energy to an electric load:
             147          (i) within this state; or
             148          (ii) outside of the state; or
             149          (b) otherwise increase the capability of an existing electric transmission line or related



Text Box

- 6 -
             150
     facility to transmit electric power and energy from a renewal energy resource to an electric
             151      load:
             152          (i) within this state; or
             153          (ii) outside of the state.
             154          (14) "Wholesale electrical cooperative" is as defined in Section 54-2-1 .
             155          Section 4. Section 63H-2-201 is enacted to read:
             156     
Part 2. Organization or Dissolution

             157          63H-2-201. Creation of Utah Generated Renewable Energy Electricity Network
             158      Authority.
             159          (1) There is created an independent state agency known as the "Utah Generated
             160      Renewable Energy Electricity Network Authority."
             161          (2) Subject to Section 63H-2-203 , the authority may:
             162          (a) sue and be sued;
             163          (b) enter into contracts generally;
             164          (c) (i) accept financial or other assistance from a public or private source for the
             165      authority's activities, powers, and duties; and
             166          (ii) expend monies received under Subsection (2)(c)(i) for a qualifying transmission
             167      project;
             168          (d) (i) for the purpose of studying a qualifying transmission project, borrow money or
             169      accept financial or other assistance from:
             170          (A) a public entity; or
             171          (B) any other source; and
             172          (ii) comply with a condition of a loan or assistance described in Subsection (2)(d)(i);
             173          (e) in accordance with Part 4, Bonding, issue one or more bonds to finance a qualifying
             174      transmission project;
             175          (f) hire one or more employees, including:
             176          (i) a contract employee; and
             177          (ii) legal counsel;
             178          (g) enter into a partnership agreement with a business entity related to a qualifying
             179      transmission project;
             180          (h) enter into an agreement with a public entity related to a qualifying transmission



Text Box

- 7 -
             181
     project;
             182          (i) if none of the authority's net earnings inure to the benefit of a private entity, use
             183      monies available to the authority:
             184          (i) for administrative, overhead, legal, or other operating expenses of the authority; and
             185          (ii) to pay the principal and interest on an authority bond;
             186          (j) create one or more subsidiaries to engage in an activity that the authority may
             187      engage in under this chapter;
             188          (k) transact other business related to a qualifying transmission project;
             189          (l) acquire, own, lease, or sell real property or personal property related to a qualifying
             190      transmission project; or
             191          (m) exercise a power provided for in this chapter.
             192          (3) Unless expressly provided in this chapter, the state is not liable for an obligation,
             193      expense, debt, or liability of the authority.
             194          Section 5. Section 63H-2-202 is enacted to read:
             195          63H-2-202. Authority board.
             196          (1) There is created a board of the authority that consists of seven members, appointed
             197      by the governor, except that the governor shall appoint:
             198          (a) one member from the Governor's Office of Economic Development;
             199          (b) three members from a public utility or electric interlocal entity that operates electric
             200      transmission facilities within the state as follows:
             201          (i) one member is to be appointed from recommendations from an investor-owned
             202      electric corporation that operates in this state;
             203          (ii) one member is to be appointed from recommendations from a wholesale electrical
             204      cooperative in the state; and
             205          (iii) one member is to be appointed from recommendations from an electric interlocal
             206      entity;
             207          (c) one member of the School and Institutional Trust Lands Board of Trustees created
             208      in Section 53C-1-202 ;
             209          (d) one representative of a business entity that produces a renewable energy source; and
             210          (e) one member of the general public.
             211          (2) (a) The term of a board member is four years.



Text Box

- 8 -
             212
         (b) Notwithstanding Subsection (2)(a), the governor shall, at the time of appointment
             213      or reappointment, adjust the length of terms to ensure that the terms of board members are
             214      staggered so that approximately half of the board is appointed every two years.
             215          (c) The governor may remove a member of the board for cause.
             216          (d) The governor shall fill a vacancy in the board in the same manner under this section
             217      as the appointment of the member whose vacancy is being filled.
             218          (e) An individual appointed to fill a vacancy shall serve the remaining unexpired term
             219      of the member whose vacancy the individual is filling.
             220          (f) A board member shall serve until a successor is appointed and qualified.
             221          (3) The governor shall appoint a member of the board to be the chair of the board,
             222      except that the member appointed as chair must be the member appointed under Subsection
             223      (1)(a).
             224          (4) (a) Four members of the board is a quorum for conducting board business.
             225          (b) A majority vote of the quorum present is required for an action to be taken by the
             226      board.
             227          (5) (a) The board shall meet at least quarterly on a date the board sets.
             228          (b) The chair of the board or any two members of the board may call additional
             229      meetings.
             230          (6) (a) (i) A member who is not a government employee may not receive compensation
             231      or benefits for the member's service, but may receive per diem and expenses incurred in the
             232      performance of the member's official duties at the rates established by the Division of Finance
             233      under Sections 63A-3-106 and 63A-3-107 .
             234          (ii) A member who is not a government employee may decline to receive per diem and
             235      expenses for the member's service.
             236          (b) (i) A state government officer or employee member who does not receive salary,
             237      per diem, or expenses from the agency the member represents for the member's service may
             238      receive per diem and expenses incurred in the performance of the member's official duties at
             239      the rates established by the Division of Finance under Sections 63A-3-106 and 63A-3-107 .
             240          (ii) A state government officer or employee member may decline to receive per diem
             241      and expenses for the member's service.
             242          Section 6. Section 63H-2-203 is enacted to read:



Text Box

- 9 -
             243
         63H-2-203. Powers of the board and authority -- Officers.
             244          (1) (a) The authority is governed by the board.
             245          (b) Only the board may exercise a power of the authority.
             246          (2) Subject to the other provisions of this chapter, the board shall:
             247          (a) manage and conduct the activities of the authority; and
             248          (b) determine the policies of the authority.
             249          (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
             250      board may make rules necessary to implement this chapter.
             251          (4) The board may:
             252          (a) appoint one or more officers and employees required for the performance of the
             253      board's duties under this chapter; and
             254          (b) fix and determine the qualifications and duties of an officer or employee described
             255      in Subsection (4)(a).
             256          Section 7. Section 63H-2-204 is enacted to read:
             257          63H-2-204. Dissolution of authority.
             258          (1) Subject to the other provisions of this section, the board may dissolve the authority:
             259          (a) if the board determines that the authority can no longer comply with the
             260      requirements of this chapter; and
             261          (b) by a vote of at least five members of the board.
             262          (2) The authority may not be dissolved if the authority has any of the following:
             263          (a) an outstanding bonded indebtedness;
             264          (b) an unpaid loan, indebtedness, or advance; or
             265          (c) a legally binding contractual obligation with a person other than the state.
             266          (3) Upon the dissolution of the authority:
             267          (a) the Governor's Office of Economic Development shall publish a notice of
             268      dissolution in a newspaper of general circulation in each county in which a qualifying
             269      transmission project is located;
             270          (b) the authority shall deposit its record with the state auditor, to be retained for the
             271      time period determined by the state auditor; and
             272          (c) the assets of the authority shall revert to the state.
             273          (4) The authority shall pay the expenses of dissolution and winding up the affairs of the



Text Box

- 10 -
             274
     authority.
             275          (5) If a dissolution under this section is part of a privatization of the authority, the
             276      dissolution is subject to Title 63E, Chapter 1, Part 4, Privatization of Independent Entities.
             277          Section 8. Section 63H-2-301 is enacted to read:
             278     
Part 3. Qualifying Transmission Projects

             279          63H-2-301. Prioritization of transmission projects.
             280          (1) The board shall review the location and availability of renewable energy sources
             281      serving electric loads in the state.
             282          (2) The board shall:
             283          (a) determine if there is adequate transmission infrastructure and capacity to bring
             284      renewable energy sources to market;
             285          (b) prioritize transmission projects on the basis of:
             286          (i) location;
             287          (ii) supporting potential renewable energy source development;
             288          (iii) feasibility of development; and
             289          (iv) economic development factors; and
             290          (c) provide available funding to develop energy resource plans to provide for
             291      connecting to transmission lines a renewable energy source, including development of an
             292      integrated resource plan.
             293          Section 9. Section 63H-2-302 is enacted to read:
             294          63H-2-302. Approval of qualifying transmission project.
             295          (1) To approve a qualifying transmission project, the board shall determine that the
             296      transmission project:
             297          (a) contributes to the economy of the state and the one or more communities where the
             298      transmission project is located;
             299          (b) is strategically situated to maximize connections to a renewable energy source
             300      project located in the state that is:
             301          (i) existing;
             302          (ii) under construction;
             303          (iii) planned; or
             304          (iv) foreseeable;



Text Box

- 11 -
             305
         (c) is supported by a business case for providing the revenue necessary to:
             306          (i) service an authority bond issued to finance the transmission project; and
             307          (ii) finance the construction and operation of a transmission project;
             308          (d) is supported by a transmission project plan related to:
             309          (i) engineering;
             310          (ii) environmental issues;
             311          (iii) energy production;
             312          (iv) load capacity; and
             313          (v) any other issue related to the building and operation of a transmission line; and
             314          (e) complies with the regulations of the following regarding the building of a
             315      transmission line or connection:
             316          (i) the Federal Energy Regulatory Commission;
             317          (ii) the North American Electric Reliability Council; and
             318          (iii) the Public Service Commission of Utah.
             319          (2) This chapter may not be used to compel interconnection to or use of a transmission
             320      or interconnection line or facility that belongs to another person.
             321          Section 10. Section 63H-2-401 is enacted to read:
             322     
Part 4. Bonding

             323          63H-2-401. Resolution authorizing issuance of authority bond -- Characteristics
             324      of bond.
             325          (1) (a) The authority may issue a bond subject to the requirements of this part to
             326      finance, in whole or in part, a qualifying transmission project.
             327          (b) The authority may not issue a bond under this part unless before the issuance of the
             328      bond, the board adopts a resolution authorizing the issuance of the bond.
             329          (2) (a) If provided in a resolution authorizing the issuance of an authority bond or in
             330      the trust indenture under which the authority bond is issued, an authority bond may be:
             331          (i) issued in one or more series; and
             332          (ii) sold:
             333          (A) at a public or private sale; and
             334          (B) in the manner provided in the resolution or indenture.
             335          (b) An authority bond shall:



Text Box

- 12 -
             336
         (i) bear the date provided in the resolution authorizing the issuance of the authority
             337      bond or the trust indenture under which the authority bond is issued;
             338          (ii) be payable at the time provided in the resolution authorizing the issuance of the
             339      authority bond or the trust indenture under which the authority bond is issued;
             340          (iii) bear interest at the rate provided in the resolution authorizing the issuance of the
             341      authority bond or the trust indenture under which the authority bond is issued;
             342          (iv) be in the denomination and in the form provided in the resolution authorizing the
             343      issuance of the authority bond or the trust indenture under which the authority bond is issued;
             344          (v) carry the conversion or registration privileges provided in the resolution authorizing
             345      the issuance of the authority bond or the trust indenture under which the authority bond is
             346      issued;
             347          (vi) have the rank or priority as provided in the resolution authorizing the issuance of
             348      the authority bond or the trust indenture under which the authority bond is issued;
             349          (vii) be executed in the manner as provided in the resolution authorizing the issuance
             350      of the authority bond or the trust indenture under which the authority bond is issued;
             351          (viii) be subject to the terms of redemption or tender, with or without premium, as
             352      provided in the resolution authorizing the issuance of the authority bond or the trust indenture
             353      under which the authority bond is issued;
             354          (ix) be payable in the medium of payment and at the place as provided in the resolution
             355      authorizing the issuance of the authority bond or the trust indenture under which the authority
             356      bond is issued; and
             357          (x) have other characteristics as provided in the resolution authorizing the issuance of
             358      the authority bond or the trust indenture under which the authority bond is issued.
             359          Section 11. Section 63H-2-402 is enacted to read:
             360          63H-2-402. Sources from which an authority bond may be made payable --
             361      Authority powers regarding authority bond.
             362          (1) The principal and interest on an authority bond may be made payable from:
             363          (a) the income and revenues related to a qualifying transmission project financed with
             364      the proceeds of the authority bond;
             365          (b) the income and revenues from a public or private source under Subsection
             366      63H-2-201 (2)(c);



Text Box

- 13 -
             367
         (c) a contribution, loan, grant, or other financial assistance from a public entity or other
             368      source under Subsection 63H-2-201 (2)(d);
             369          (d) authority revenues generally; or
             370          (e) monies derived from a combination of the methods listed in Subsections (1)(a)
             371      through (d).
             372          (2) In connection with the issuance of an authority bond, the authority may:
             373          (a) pledge all or any part of the authority's gross or net revenues to which the authority:
             374          (i) has a right that exists at issuance of the authority bond; or
             375          (ii) may have a right that comes into existence after issuance of the authority bond; and
             376          (b) even if a covenant or action is not specifically enumerated in this chapter, make a
             377      covenant or take an action that:
             378          (i) may be necessary, convenient, or desirable to secure the authority bond; or
             379          (ii) except as otherwise provided in this chapter, will tend to make the authority bond
             380      more marketable.
             381          (3) A member of the board or other person executing an authority bond is not liable
             382      personally on the authority bond.
             383          (4) (a) An authority bond:
             384          (i) is not a general obligation or liability of the state or any of the state's political
             385      subdivisions; and
             386          (ii) does not constitute a charge against the general credit or taxing powers of the state
             387      or any of the state's political subdivisions.
             388          (b) An authority bond is not payable out of monies or properties other than those of the
             389      authority pledged for the payment of the bond.
             390          (c) A community, the state, or a political subdivision of the state may not be liable on
             391      an authority bond.
             392          (d) An authority bond does not constitute indebtedness within the meaning of a
             393      constitutional or statutory debt limitation.
             394          (5) An authority bond is fully negotiable.
             395          (6) An authority bond is:
             396          (a) issued for an essential public and governmental purpose; and
             397          (b) together with interest on the authority bond and income from the authority bond,



Text Box

- 14 -
             398
     exempt from state taxes except the corporate franchise tax.
             399          (7) Nothing in this section may be construed to limit the right of an obligee to pursue a
             400      remedy for the enforcement of a pledge or lien given under this part by the authority on the
             401      authority's rents, fees, grants, properties, or revenues.
             402          Section 12. Section 63H-2-403 is enacted to read:
             403          63H-2-403. Purchaser of an authority bond.
             404          (1) The following may purchase an authority bond with funds owned or controlled by
             405      the purchaser:
             406          (a) a person;
             407          (b) a political subdivision of the state;
             408          (c) another entity; or
             409          (d) a public or private officer.
             410          (2) Nothing in this section or Section 63H-2-402 may be construed to relieve a
             411      purchaser of an authority bond of a duty to exercise reasonable care in selecting securities.
             412          (3) The authority may purchase its own authority bond at a price that the board
             413      determines.
             414          Section 13. Section 63H-2-404 is enacted to read:
             415          63H-2-404. Obligee rights -- Board may confer other rights.
             416          (1) In addition to a right that is conferred on an obligee of an authority bond under this
             417      chapter and subject to contractual restrictions binding on the obligee, an obligee may:
             418          (a) by mandamus, suit, action, or other proceeding:
             419          (i) compel the authority and its board, officers, agents, or employees to perform every
             420      term, provision, and covenant contained in a contract of the authority with or for the benefit of
             421      the obligee; and
             422          (ii) require the authority to carry out the covenants and agreements of the authority and
             423      to fulfill the duties imposed on the authority by this part; and
             424          (b) by suit, action, or proceeding in equity, enjoin an act or things that may be unlawful
             425      or violate the rights of the obligee.
             426          (2) (a) In a resolution authorizing the issuance of an authority bond or in a trust
             427      indenture, mortgage, lease, or other contract, the board may confer upon an obligee holding or
             428      representing a specified amount in an authority bond, a right described in Subsection (2)(b):



Text Box

- 15 -
             429
         (i) to accrue upon the happening of an event or default prescribed in the resolution,
             430      indenture, mortgage, lease, or other contract; and
             431          (ii) to be exercised by suit, action, or proceeding in a court of competent jurisdiction.
             432          (b) (i) A right that the board may confer under Subsection (2)(a) is a right to:
             433          (A) cause possession of all or part of a qualifying transmission project to be
             434      surrendered to an obligee;
             435          (B) obtain the appointment of a receiver of all or part of:
             436          (I) a qualifying transmission project; and
             437          (II) the rents and profits from a qualifying transmission project; and
             438          (C) require the authority, its board, and its employees to account as if the authority,
             439      board, and employees were the trustees of an express trust.
             440          (ii) If a receiver is appointed through the exercise of a right granted under Subsection
             441      (2)(b)(i)(B), the receiver:
             442          (A) may:
             443          (I) enter and take possession of a qualifying transmission project or any part of the
             444      qualifying transmission project;
             445          (II) operate and maintain the qualifying transmission project; and
             446          (III) collect and receive the fees, rents, revenues, or other charges arising from the
             447      qualifying transmission project after the receiver's appointment; and
             448          (B) shall:
             449          (I) keep money collected as receiver for the authority in one or more separate accounts;
             450      and
             451          (II) apply the monies collected as receiver pursuant to the authority obligations as the
             452      court directs.
             453          Section 14. Section 63H-2-501 is enacted to read:
             454     
Part 5. General Operational Requirements

             455          63H-2-501. Fiscal year.
             456          The authority's fiscal year is the period:
             457          (1) beginning on July 1; and
             458          (2) ending on June 30 of the following calendar year.
             459          Section 15. Section 63H-2-502 is enacted to read:



Text Box

- 16 -
             460
         63H-2-502. Annual authority budget -- Auditor forms -- Requirement to file form.
             461          (1) (a) The authority shall prepare an annual budget of revenues and expenditures for
             462      the authority for each fiscal year.
             463          (b) Before June 22 of each year and subject to the other provisions of this section, the
             464      board shall adopt an annual budget of revenues and expenditures of the authority for the
             465      immediately following fiscal year.
             466          (2) (a) Before adopting an annual budget, the board shall hold a public hearing on the
             467      annual budget.
             468          (b) Before holding the public hearing required by this Subsection (2), the board shall
             469      post notice of the public hearing on the Utah Public Notice Website created under Section
             470      63F-1-701 no less than 14 days before the day on which the public hearing is to be held.
             471          (3) The state auditor shall prescribe the budget forms and the categories to be contained
             472      in each annual budget of the authority, including:
             473          (a) revenues and expenditures for the budget year;
             474          (b) the outstanding bonds and related expenses;
             475          (c) legal fees; and
             476          (d) administrative costs, including:
             477          (i) rent;
             478          (ii) supplies;
             479          (iii) other materials; and
             480          (iv) salaries of authority personnel.
             481          (4) Within 30 days after adopting an annual budget, the board shall file a copy of the
             482      annual budget with:
             483          (a) the State Tax Commission; and
             484          (b) the state auditor.
             485          (5) (a) Subject to Subsection (5)(b), the board may by resolution amend an annual
             486      budget of the authority.
             487          (b) The board may make an amendment of an annual budget that would increase total
             488      expenditures of the authority only after:
             489          (i) holding a public hearing; and
             490          (ii) before holding the public hearing required by this Subsection (5)(b), posting notice



Text Box

- 17 -
Senate 2nd Reading Amendments 3-9-2009 rd/po
             491
     of the public hearing on the Utah Public Notice Website created under Section 63F-1-701 no
             492      less than 14 days before the day on which the public hearing is to be held.
             493          (6) The authority may not make expenditures in excess of the total expenditures
             494      established in the annual budget as it is adopted or amended.
             495          Section 16. Section 63H-2-503 is enacted to read:
             496          63H-2-503. Audits.
             497           S. [ The authority shall comply with the audit requirements of Title 51, Chapter 2a,
             498      Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local
             499      Entities Act.
]

             499a      (1) The state auditor may audit or contract with an independent certified public
             499b      accountant to audit the books and accounts of the authority, including compliance with this
             499c      chapter.
             499d      (2) The authority shall reimburse the state auditor from the authority's available moneys for
             499e      the actual and necessary costs of an audit conducted under Subsection (1). .S
             500          Section 17. Section 63H-2-504 is enacted to read:
             501          63H-2-504. Relation to other state statutes.
             502          (1) The authority is subject to review by the Retirement and Independent Entities
             503      Committee in accordance with Title 63E, Chapter 1, Independent Entities Act.
             504          (2) The authority is subject to:
             505          (a) Title 51, Chapter 5, Funds Consolidation Act;
             506          (b) Title 51, Chapter 7, State Money Management Act;
             507          (c) Title 52, Chapter 4, Open and Public Meetings Act;
             508          (d) Title 63A, Utah Administrative Services Code;
             509          (e) Title 63G, Chapter 2, Government Records Access and Management Act;
             510          (f) Title 63G, Chapter 3, Utah Administrative Rulemaking Act;
             511          (g) Title 63G, Chapter 4, Administrative Procedures Act;
             512          (h) Title 63G, Chapter 6, Utah Procurement Code;
             513          (i) Title 63J, Chapter 1, Budgetary Procedures Act;
             514          (j) Title 63J, Chapter 2, Revenue Procedures and Control Act; and
             515          (k) Title 67, Chapter 19, Utah State Personnel Management Act.


[Bill Documents][Bills Directory]