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6 This act modifies the Transportation Code to create the Aeronautics Construction Revolving
7 Loan Fund for construction of airports. This act provides for application, approval, and
8 repayment of loan funds and provides for rulemaking by the Transportation Commission.
9 This act takes effect on July 1, 2002.
10 This act affects sections of Utah Code Annotated 1953 as follows:
12 72-2-122, Utah Code Annotated 1953
13 Be it enacted by the Legislature of the state of Utah:
14 Section 1. Section 72-2-122 is enacted to read:
15 72-2-122. Aeronautics Construction Revolving Loan Fund -- Distribution --
16 Repayment -- Rulemaking.
17 (1) There is created the Aeronautics Construction Revolving Loan Fund within the
18 Transportation Fund.
19 (2) The fund shall include monies from the following sources:
20 (a) appropriations made to the fund by the Legislature;
21 (b) contributions from other public and private sources for deposit into the fund;
22 (c) interest earnings on cash balances;
23 (d) all monies collected for repayments and interest on fund monies; and
24 (e) proceeds from revenue bonds or other obligations issued in accordance with Title 63,
25 Chapter 9a, State Building Ownership Act, and Title 63B, Bonds.
26 (3) All monies appropriated to the Aeronautics Construction Revolving Loan Fund are
28 (4) (a) The commission shall authorize the expenditure of fund monies for construction,
29 major reconstruction, major renovation, or property acquisition of airports and airport runways for
30 state, county, and municipal airports subject to:
31 (i) monies available in the fund; and
32 (ii) rules made under Subsection (7).
33 (b) Fund monies may be used to pay interest on debts incurred in accordance with this
35 (5) Administrative costs of the Aeronautics Construction Revolving Loan Fund shall be
36 paid from the fund.
37 (6) The Operations Division:
38 (a) may apply to the commission under this section for monies from the Aeronautics
39 Construction Revolving Loan Fund for a specified aeronautics project, including for county and
40 municipal projects; and
41 (b) shall repay the fund monies authorized for the project to the fund as required under
42 Subsection (7).
43 (7) The commission shall:
44 (a) administer the Aeronautics Construction Revolving Loan Fund to promote long-term
45 statewide aeronautics transportation;
46 (b) prioritize fund monies based on considerations, including:
47 (i) areas with rapidly expanding population;
48 (ii) the willingness of local governments to:
49 (A) complete studies and impact statements that meet department standards; and
50 (B) preserve long-term airport operations by the use of local planning and zoning
52 (iii) the availability of other public and private matching funds for a project; and
53 (iv) the cost-effectiveness of the projects; and
54 (c) make rules in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking
55 Act, establishing:
56 (i) the procedures for the awarding of fund monies;
57 (ii) the procedures for the Operations Division to apply for Aeronautics Construction
58 Revolving Loan Fund monies for projects; and
59 (iii) repayment schedules and conditions of replacing the monies back into the fund.
60 (8) For loans made under this section to a county or municipal airport, the Division of
61 Finance shall:
62 (a) collect and account for a loan made in accordance with this section; and
63 (b) have custody of all loan documents evidencing indebtedness of the Aeronautics
64 Construction Revolving Loan Fund, including all:
65 (i) notes; and
66 (ii) contracts.
67 (9) (a) The proceeds from the revenue bonds or other obligations issued on revenues of
68 the Aeronautics Construction Revolving Loan Fund shall be used for the purposes authorized for
69 funds under this section.
70 (b) The commission shall pledge the necessary part of the revenues of the Aeronautics
71 Construction Revolving Loan Fund to the payment of principal of and interest on the revenue
72 bonds or other obligations.
73 Section 2. Effective date.
74 This act takes effect on July 1, 2002.
Legislative Review Note
as of 1-31-02 10:40 AM
A limited legal review of this legislation raises no obvious constitutional or statutory concerns.