9-4-307. Impact fund administered by impact board -- Eligibility for assistance --
Review by board -- Administration costs -- Annual report.
(1) (a) The impact board shall:
(i) administer the impact fund in a manner that will keep a portion of the impact fund
revolving;
(ii) determine provisions for repayment of loans; and
(iii) establish criteria for determining eligibility for assistance under this part.
(b) (i) Criteria for awarding loans or grants made from funds described in Subsection
9-4-303(5) shall be consistent with Subsection 9-4-303(5).
(ii) Criteria for awarding grants made from funds described in Subsection 9-4-303 (2)(c)
shall be consistent with Subsection 9-4-303(6).
(c) In order to receive assistance under this part, subdivisions and interlocal agencies
shall submit formal applications containing the information that the impact board requires.
(2) In determining eligibility for loans and grants under this part, the impact board shall
consider the following:
(a) the subdivision's or interlocal agency's current mineral lease production;
(b) the feasibility of the actual development of a resource that may impact the
subdivision or interlocal agency directly or indirectly;
(c) current taxes being paid by the subdivision's or interlocal agency's residents;
(d) the borrowing capacity of the subdivision or interlocal agency, its ability and
willingness to sell bonds or other securities in the open market, and its current and authorized
indebtedness;
(e) all possible additional sources of state and local revenue, including utility user
charges;
(f) the availability of federal assistance funds;
(g) probable growth of population due to actual or prospective natural resource
development in an area;
(h) existing public facilities and services;
(i) the extent of the expected direct or indirect impact upon public facilities and services
of the actual or prospective natural resource development in an area; and
(j) the extent of industry participation in an impact alleviation plan, either as specified in
Title 63M, Chapter 5, Resource Development, or otherwise.
(3) The impact board may not fund any education project that could otherwise have
reasonably been funded by a school district through a program of annual budgeting, capital
budgeting, bonded indebtedness, or special assessments.
(4) The impact board may restructure all or part of the agency's or subdivision's liability
to repay loans for extenuating circumstances.
(5) The impact board shall:
(a) review the proposed uses of the impact fund for loans or grants before approving
them and may condition its approval on whatever assurances that the impact board considers to
be necessary to ensure that the proceeds of the loan or grant will be used in accordance with the
Leasing Act and this part; and
(b) ensure that each loan specifies the terms for repayment and is evidenced by general
obligation, special assessment, or revenue bonds, notes, or other obligations of the appropriate
subdivision or interlocal agency issued to the impact board under whatever authority for the
issuance of those bonds, notes, or obligations exists at the time of the loan.
(6) The impact board shall allocate from the impact fund to the department those funds
that are appropriated by the Legislature for the administration of the impact fund, but this amount
may not exceed 2% of the annual receipts to the impact fund.
(7) The department shall make an annual report to the Legislature concerning the number
and type of loans and grants made as well as a list of subdivisions and interlocal agencies that
received this assistance.
Amended by Chapter 382, 2008 General Session
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Last revised: Thursday, May 28, 2009