§ 63N-4-805 — Rural Opportunity Fund.

Utah § 63N-4-805

• Jurisdiction: Utah
• Title 63N: Economic Opportunity Act
• Ch. 63N-4: Rural Development Act
• Part 63N-4-8: Rural Opportunity Act

Text

(1) There is created an enterprise fund known as the "Rural Opportunity Fund".
(2) The fund shall be administered by the office for the purposes described in Subsection (5).
(3) The fund consists of:

(3)(a) money appropriated by the Legislature;
(3)(b) donations or grants from public or private entities; and
(3)(c) all money collected from the repayment of fund money used for a loan issued under the Rural Opportunity Program.
(4) (4)(a) The fund shall earn interest.
(4)(b) All interest earned on money in the fund shall be deposited into the fund.
(5) Money in the fund may only be used by the office to:

(5)(a) award grants and loans under the Rural Opportunity Program;
(5)(b) award grants under the Rural Employment Expansion Program created in Section 63N-4-403;
(5)(c) award grants under the Rural Coworking and Innovation Center Grant Program created in Section 63N-4-503; and
(5)(d) pay for administrative costs related to this chapter.
(6) The office may establish separate accounts in the fund for separate programs, administrative and operating expenses, or any other purpose to implement this chapter.
(7) Money in the fund shall be invested by the state treasurer as provided in Title 51, Chapter 7, State Money Management Act, and the earnings from the investments shall be credited to the fund.
(8) The office shall include a report of how money from the fund was used in the annual written report described in Section 63N-1a-306.

Legislative History

Enacted by Chapter 362, 2022 General Session