63M-1-2003 - Creation of Business Development for Disadvantaged Rural Communities Restricted Account -- Interest -- Costs of administering the restricted account -- Money and interest nonlapsing -- De
63M-1-2003. Creation of Business Development for Disadvantaged RuralCommunities Restricted Account -- Interest -- Costs of administering the restricted account-- Money and interest nonlapsing -- Deposit of certain money and interest into GeneralFund.
(1) There is created within the General Fund the Business Development forDisadvantaged Rural Communities Restricted Account.
(2) The restricted account shall be funded by:
(a) money appropriated to the account by the Legislature;
(b) money received by the office as:
(i) repayment of a loan that the board grants to an eligible county under this part; and
(ii) interest on a loan described in Subsection (2)(b)(i); and
(c) the interest described in Subsection (3).
(3) (a) The restricted account shall earn interest.
(b) The interest described in Subsection (3)(a) shall be deposited into the account.
(4) Upon appropriation by the Legislature, the money and interest deposited into therestricted account in accordance with this section may be expended:
(a) by the board to award grants or loans to eligible counties as provided in this part; and
(b) to cover the costs of administering this part:
(i) in an amount not to exceed $5,000 in any fiscal year; and
(ii) including the costs of providing staff support to administer this part.
(5) (a) Except as provided in Subsection (5)(b), the money and interest deposited into therestricted account in accordance with this section are nonlapsing.
(b) Notwithstanding Subsection (5)(a), the Division of Finance shall deposit any moneyand interest in the restricted account on July 1, 2015 into the General Fund.
Renumbered and Amended by Chapter 382, 2008 General Session