51-9-303 - Creation of Infrastructure and Economic Diversification Investment Account.
51-9-303. Creation of Infrastructure and Economic Diversification InvestmentAccount.
(1) (a) There is created a restricted account within the General Fund known as the"Infrastructure and Economic Diversification Investment Account."
(b) The Infrastructure and Economic Diversification Investment Account shall consist of:
(i) all money credited to the account under Section 51-9-305;
(ii) appropriations from the Legislature; and
(iii) grants from private foundations.
(2) (a) The state treasurer shall invest money in the account according to Title 51,Chapter 7, State Money Management Act.
(b) The Division of Finance shall deposit interest or other earnings derived frominvestment of account money into the General Fund.
(3) The Legislature may appropriate money from the Infrastructure and EconomicDiversification Investment Account for infrastructure and economic diversification investmentprojects.
(4) At least 25% of the money appropriated in accordance with Subsection (3) shall beused for the following projects within areas of the state that produced the severance tax revenues:
(a) capital and infrastructure development; and
(b) economic diversification investment.
Amended by Chapter 141, 2008 General Session
Amended by Chapter 216, 2008 General Session
Renumbered and Amended by Chapter 382, 2008 General Session