H.B. 100

1

COMMUNITY ECONOMIC DEVELOPMENT
2 PROJECT FUND
3 1997 GENERAL SESSION
4 STATE OF UTAH
5 Sponsor: Greg J. Curtis
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) (a) Fund moneys remaining after distribution as provided in Subsection (2) shall be
25 distributed as follows[, with at least 50% to be distributed to rural areas of the state either by grant
26 or loan]:
27 [(a)] (i) at least 50% of the moneys [remaining in the fund] shall be distributed as loans

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;
3 [(b)] (ii) moneys not distributed as loans under Subsection (a) shall be distributed as grants
4 with:
5 [(i)] (A) fifty percent distributed to communities meeting the requirements for enterprise
6 zones in Section 9-2-404; and
7 [(ii)] (B) fifty percent distributed to communities not meeting the requirements for
8 enterprise zones in Section 9-2-404.
9 (b) No more than 50% of the fund monies distributed as grants or loans under Subsection
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

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