9-4-307 - Impact fund administered by impact board -- Eligibility for assistance -- Review by board -- Administration costs -- Annual report.
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 fundrevolving;
(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 Subsection9-4-303(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 agenciesshall 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 shallconsider 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 thesubdivision 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 andwillingness to sell bonds or other securities in the open market, and its current and authorizedindebtedness;
(e) all possible additional sources of state and local revenue, including utility usercharges;
(f) the availability of federal assistance funds;
(g) probable growth of population due to actual or prospective natural resourcedevelopment in an area;
(h) existing public facilities and services;
(i) the extent of the expected direct or indirect impact upon public facilities and servicesof 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 inTitle 63M, Chapter 5, Resource Development, or otherwise.
(3) The impact board may not fund any education project that could otherwise havereasonably been funded by a school district through a program of annual budgeting, capitalbudgeting, bonded indebtedness, or special assessments.
(4) The impact board may restructure all or part of the agency's or subdivision's liabilityto repay loans for extenuating circumstances.
(5) The impact board shall:
(a) review the proposed uses of the impact fund for loans or grants before approvingthem and may condition its approval on whatever assurances that the impact board considers tobe necessary to ensure that the proceeds of the loan or grant will be used in accordance with theLeasing Act and this part; and
(b) ensure that each loan specifies the terms for repayment and is evidenced by generalobligation, special assessment, or revenue bonds, notes, or other obligations of the appropriatesubdivision 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 fundsthat are appropriated by the Legislature for the administration of the impact fund, but this amountmay not exceed 2% of the annual receipts to the impact fund.
(7) The department shall make an annual report to the Legislature concerning the numberand type of loans and grants made as well as a list of subdivisions and interlocal agencies thatreceived this assistance.
Amended by Chapter 382, 2008 General Session