72-2-122 - Aeronautics Construction Revolving Loan Fund -- Distribution -- Repayment -- Rulemaking.
72-2-122. Aeronautics Construction Revolving Loan Fund -- Distribution --Repayment -- Rulemaking.
(1) There is created the Aeronautics Construction Revolving Loan Fund within theTransportation Fund.
(2) The fund shall include monies from the following sources:
(a) appropriations made to the fund by the Legislature;
(b) contributions from other public and private sources for deposit into the fund;
(c) interest earnings on cash balances;
(d) all monies collected for repayments and interest on fund monies; and
(e) proceeds from revenue bonds or other obligations issued in accordance with Title63B, Chapter 1, Part 3, State Building Ownership Authority Act, and Title 63B, Bonds.
(3) All monies appropriated to the Aeronautics Construction Revolving Loan Fund arenonlapsing.
(4) (a) The commission shall authorize the expenditure of fund monies for construction,major reconstruction, major renovation, or property acquisition of airports and airport runwaysfor state, county, and municipal airports subject to:
(i) monies available in the fund; and
(ii) rules made under Subsection (7).
(b) Fund monies may be used to pay interest on debts incurred in accordance with thissection.
(5) Administrative costs of the Aeronautics Construction Revolving Loan Fund shall bepaid from the fund.
(6) The Operations Division:
(a) may apply to the commission under this section for monies from the AeronauticsConstruction Revolving Loan Fund for a specified aeronautics project, including for county andmunicipal projects; and
(b) shall repay the fund monies authorized for the project to the fund as required underSubsection (7).
(7) The commission shall:
(a) administer the Aeronautics Construction Revolving Loan Fund to promote long-termstatewide aeronautics transportation;
(b) prioritize fund monies based on considerations, including:
(i) areas with rapidly expanding population;
(ii) the willingness of local governments to:
(A) complete studies and impact statements that meet department standards; and
(B) preserve long-term airport operations by the use of local planning and zoningprocesses;
(iii) the availability of other public and private matching funds for a project; and
(iv) the cost-effectiveness of the projects; and
(c) make rules in accordance with Title 63G, Chapter 3, Utah AdministrativeRulemaking Act, establishing:
(i) the procedures for the awarding of fund monies;
(ii) the procedures for the Operations Division to apply for Aeronautics ConstructionRevolving Loan Fund monies for projects; and
(iii) repayment schedules and conditions of replacing the monies back into the fund.
(8) For loans made under this section to a county or municipal airport, the Division ofFinance shall:
(a) collect and account for a loan made in accordance with this section; and
(b) have custody of all loan documents evidencing indebtedness of the AeronauticsConstruction Revolving Loan Fund, including all:
(i) notes; and
(ii) contracts.
(9) (a) The proceeds from the revenue bonds or other obligations issued on revenues ofthe Aeronautics Construction Revolving Loan Fund shall be used for the purposes authorized forfunds under this section.
(b) The commission shall pledge the necessary part of the revenues of the AeronauticsConstruction Revolving Loan Fund to the payment of principal of and interest on the revenuebonds or other obligations.
Amended by Chapter 382, 2008 General Session