(1)The grantee under this chapter shall establish a water trust that:
(1)(a) is organized:
(1)(a)(i) as a private nonprofit organization; or
(1)(a)(ii) as an agreement between two or more conservation organizations; and
(1)(b) complies with this section.
(2)A water trust created under this section shall:
(2)(a) use a fiduciary to hold and administer grant money appropriated under this chapter;
(2)(b) subject to Subsection (6):
(2)(b)(i) register with the lieutenant governor as a limited purpose entity pursuant to Section 51-2a-201.5;
(2)(b)(ii) file with the state auditor on or before June 30 of each year the accounting report that:
(2)(b)(ii)(A) satisfies Subsection 51-2a-201.5(2);
(2)(b)(ii)(B) includes an itemized accounting of the in-kind contributions and other monetary contribution
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(1) The grantee under this chapter shall establish a water trust that:
(1)(a) is organized:
(1)(a)(i) as a private nonprofit organization; or
(1)(a)(ii) as an agreement between two or more conservation organizations; and
(1)(b) complies with this section.
(2) A water trust created under this section shall:
(2)(a) use a fiduciary to hold and administer grant money appropriated under this chapter;
(2)(b) subject to Subsection (6):
(2)(b)(i) register with the lieutenant governor as a limited purpose entity pursuant to Section 51-2a-201.5;
(2)(b)(ii) file with the state auditor on or before June 30 of each year the accounting report that:
(2)(b)(ii)(A) satisfies Subsection 51-2a-201.5(2);
(2)(b)(ii)(B) includes an itemized accounting of the in-kind contributions and other monetary contributions described in Subsection (4); and
(2)(b)(ii)(C) includes an itemized accounting of the costs incurred under Subsection (3)(a);
(2)(b)(iii) provide a copy of the accounting report described in Subsection (2)(b)(ii) to:
(2)(b)(iii)(A) the division;
(2)(b)(iii)(B) the commissioner;
(2)(b)(iii)(C) the Division of Water Quality;
(2)(b)(iii)(D) the council; and
(2)(b)(iii)(E) the Natural Resources, Agriculture, and Environment Quality Appropriations Subcommittee;
(2)(b)(iv) file with the division on or before January 31 of each year a report that satisfies the requirements of Subsection 51-2a-201.5(4); and
(2)(b)(v) provide a copy of the report described in Subsection (2)(b)(iv) to:
(2)(b)(v)(A) the Division of Water Quality;
(2)(b)(v)(B) the council; and
(2)(b)(v)(C) the Natural Resources, Agriculture, and Environment Quality Appropriations Subcommittee; and
(2)(c) comply with applicable laws, regulations, ordinances, and rules.
(3) A water trust established by a grantee under this section:
(3)(a) may use grant money for costs to establish, operate, or administer the water trust, including the hiring of staff or contractors;
(3)(b) shall use no less than 25% of the grant money to protect and restore wetlands and habitats in the Great Salt Lake's surrounding ecosystem to benefit the hydrology of the Great Salt Lake; and
(3)(c) may invest grant money the water trust receives under this chapter or any private money the water trust may receive, except that the water trust shall:
(3)(c)(i) invest and account for grant money and private money separately; and
(3)(c)(ii) use the earnings received from the investment of grant money to carry out the purposes described in Subsection 65A-16-201(1).
(4) The water trust shall provide a significant match of in-kind contributions or other monetary contributions to support the water trust's operations and for the purposes described in Subsection 65A-16-201(1).
(5) (5)(a) A water trust established under this section shall create and consult with one or more advisory councils on matters related to the mission and objectives of the water trust.
(5)(b) One of the advisory councils shall be known as the "Great Salt Lake Trust Council" and consist of 10 members:
(5)(b)(i) the commissioner or the commissioner's designee; and
(5)(b)(ii) a representative from the following:
(5)(b)(ii)(A) agriculture;
(5)(b)(ii)(B) a private land owner adjacent to the Great Salt Lake;
(5)(b)(ii)(C) a conservation organization dedicated to the preservation of migratory waterfowl;
(5)(b)(ii)(D) a conservation organization dedicated to the protection of non-game avian species;
(5)(b)(ii)(E) another conservation organization working on Great Salt Lake issues;
(5)(b)(ii)(F) aquaculture;
(5)(b)(ii)(G) mineral extraction;
(5)(b)(ii)(H) a water conservancy district; and
(5)(b)(ii)(I) wastewater treatment facilities.
(6) The duties of the water trust under Subsection (2)(b) apply to the water trust notwithstanding whether the holdings, revenues, or expenditures of the water trust include grant money or other money from the state.