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H.B. 100
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6 AN ACT RELATING TO COMMUNITY AND ECONOMIC DEVELOPMENT; AMENDING
7 ALLOCATION REQUIREMENTS FOR THE COMMUNITY ECONOMIC DEVELOPMENT
8 PROJECT FUND.
9 This act affects sections of Utah Code Annotated 1953 as follows:
10 AMENDS:
11 9-2-1504, as enacted by Chapter 301, Laws of Utah 1996
12 Be it enacted by the Legislature of the state of Utah:
13 Section 1. Section 9-2-1504 is amended to read:
14 9-2-1504. Distribution of fund moneys.
15 (1) The administrator shall:
16 (a) establish criteria and procedures for the grant and loan process as provided in Title 63,
17 Chapter 46a, Utah Administrative Rulemaking Act;
18 (b) determine the order in which projects will be funded;
19 (c) make grants and loans from the fund to any of the entities authorized by Subsection
20 (3).
21 (2) Two percent of the fund moneys may be used by the executive director for purposes
22 consistent with this chapter, including the payment of reasonable loan processing fees, but may
23 be used to offset department or board administrative expenses.
24 (3) h [
25 distributed as follows[
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27a loans
lilac-February 25, 1997
1 to be repaid to the fund by the entity receiving them, with at least 50% of those loans distributed
2 to communities meeting the requirements for enterprise zones in Section 9-2-404;
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3a distributed as grants
4 with:
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5a enterprise
6 zones in Section 9-2-404; and
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7a for
8 enterprise zones in Section 9-2-404.
9 h [
10 (3)(a) may be distributed to rural areas of the state.
Legislative Review Note
as of 1-7-97 1:37 PM
A limited legal review of this bill raises no obvious constitutional or statutory concerns.
Office of Legislative Research and General Counsel
lilac-February 26, 1997