Utah Code § 72-2-301

Current through the 2024 Fourth Special Session

Section 72-2-301 - Definitions

As used in this part:

(1) "Fund" means the County of the First Class Infrastructure Bank Fund created under Section 72-2-402.

(2) "Infrastructure assistance" means any use of fund money, except an infrastructure loan, to provide financial assistance for transportation projects or publicly owned infrastructure projects, including:

(a) capital reserves and other security for bond or debt instrument financing; or

(b) any letters of credit, lines of credit, bond insurance, or loan guarantees obtained by a public entity to finance transportation projects.

(3) "Infrastructure loan" means a loan of fund money to finance a transportation project or publicly owned infrastructure project.

(4) "Public entity" means a county of the first class or any of the following located within a county of the first class:

(a) a municipality;

(b) a special district;

(c) a special service district; or

(d) an intergovernmental entity organized under state law.

(5) "Publicly owned infrastructure project" means a project to improve sewer or water infrastructure that is owned by a public entity.

(6) "Transportation project" means a project:

(a) to improve a state or local highway;

(b) to improve a public transportation facility or nonmotorized transportation facility;

(c) to construct or improve parking facilities;

(d) that is subject to a transportation reinvestment zone agreement pursuant to Section 11-13-227 if the state is party to the agreement; or

(e) that is part of a housing and transit reinvestment zone created pursuant to Title 63N, Chapter 3, Part 6, Housing and Transit Reinvestment Zone Act.

(7) "Transportation project" includes the costs of acquisition, construction, reconstruction, rehabilitation, equipping, and fixturing.

(8) "Transportation project" may only include a project if the project is part of:

(a) the statewide long range plan;

(b) a regional transportation plan of the area metropolitan planning organization if a metropolitan planning organization exists for the area; or

(c) a local government general plan or economic development initiative.

Utah Code § 72-2-301

Added by Chapter 501, 2024 General Session ,§ 9, eff. 7/1/2024.