9-4-303. Impact fund -- Deposits and contents -- Use of fund monies.
(1) There is created an enterprise fund entitled the "Permanent Community Impact
Fund."
(2) The fund consists of:
(a) all amounts appropriated to the impact fund under Section 59-21-2;
(b) bonus payments deposited to the impact fund pursuant to Subsection 59-21-1(2);
(c) all amounts appropriated to the impact fund under Section 53C-3-203;
(d) all amounts received for the repayment of loans made by the impact board under this
chapter; and
(e) all other monies appropriated or otherwise made available to the impact fund by the
Legislature.
(3) The state treasurer shall:
(a) invest the monies in the impact fund by following the procedures and requirements of
Title 51, Chapter 7, State Money Management Act; and
(b) deposit all interest or other earnings derived from those investments into the impact
fund.
(4) The amounts in the impact fund available for loans, grants, administrative costs, or
other purposes of this part shall be limited to that which the Legislature appropriates for these
purposes.
(5) Federal mineral lease revenue received by the state under the Leasing Act that is
deposited into the impact fund shall be used:
(a) in a manner consistent with:
(i) the Leasing Act; and
(ii) this part; and
(b) for loans, grants, or both to state agencies or subdivisions that are socially or
economically impacted by the leasing of minerals under the Leasing Act.
(6) The monies described in Subsection (2)(c) shall be used for grants to political
subdivisions of the state to mitigate the impacts resulting from the development or use of school
and institutional trust lands.
Amended by Chapter 303, 2007 General Session
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Last revised: Thursday, May 28, 2009