53C-3-203 - Land Exchange Distribution Account.
53C-3-203. Land Exchange Distribution Account.
(1) As used in this section, "account" means the Land Exchange Distribution Accountcreated in Subsection (2)(a).
(2) (a) There is created within the General Fund a restricted account known as the LandExchange Distribution Account.
(b) The account shall consist of revenue deposited in the account as required by Section53C-3-202.
(3) (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.
(4) The Legislature shall annually appropriate from the account in the following order:
(a) $1,000,000 to the Constitutional Defense Restricted Account, created in 63C-4-103,to be used in accordance with Subsection 63C-4-103(6) for:
(i) fiscal year 2010-11;
(ii) fiscal year 2011-12; and
(iii) fiscal year 2012-13; and
(b) from the deposits to the account remaining after the appropriation in Subsection(4)(a), the following amounts:
(i) 55% of the deposits to counties in amounts proportionate to the amounts of mineralrevenue generated from the acquired land, exchanged land, acquired mineral interests, orexchanged mineral interests located in each county, to be used to mitigate the impacts caused bymineral development;
(ii) 25% of the deposits to counties in amounts proportionate to the total surface andmineral acreage within each county that was conveyed to the United States under the agreementor an exchange, to be used to mitigate the loss of mineral development opportunities resultingfrom the agreement or exchange;
(iii) 1.68% of the deposits to the State Board of Education, to be used for educationresearch and experimentation in the use of staff and facilities designed to improve the quality ofeducation in Utah;
(iv) 1.66% of the deposits to the Geological Survey, to be used for natural resourcesdevelopment in the state;
(v) 1.66% of the deposits to the Water Research Laboratory at Utah State University, tobe used for water development in the state; and
(vi) 7.5% of the deposits to the Constitutional Defense Restricted Account created inSection 63C-4-103.
(5) Beginning with fiscal year 2009-10, the Legislature shall annually appropriate 1% ofthe deposits remaining in the account after the appropriation is made in accordance withSubsection (4)(a) to the Geological Survey, to be used for test wells, other hydrologic studies,and air quality monitoring in the West Desert.
(6) Beginning with fiscal year 2009-10, the Legislature shall annually appropriate 6.5% ofthe deposits remaining in the account after the appropriation is made in Subsection (4)(a) to thePermanent Community Impact Fund created in Section 9-4-303, to be used for grants to politicalsubdivisions of the state to mitigate the impacts resulting from the development or use of schooland institutional trust lands.
Amended by Chapter 79, 2010 General Session
Amended by Chapter 262, 2010 General Session