(1)There is created a revolving loan fund entitled the County of the First Class Infrastructure Bank Fund.
(2)(2)(a) The fund consists of money generated from the following revenue sources:
(2)(a)(i) deposits into the fund in accordance with Subsection 72-2-121(9);
(2)(a)(ii) appropriations made to the fund by the Legislature;
(2)(a)(iii) federal money and grants that are deposited into the fund;
(2)(a)(iv) money transferred to the fund by the commission from other money available to the department;
(2)(a)(v) state grants that are deposited into the fund;
(2)(a)(vi) contributions or grants from any other private or public sources for deposit into the fund; and
(2)(a)(vii) subject to Subsection (2)(b) and Section 72-2-306, all money collected from repayments of fund money used for infrast
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(1) There is created a revolving loan fund entitled the County of the First Class Infrastructure Bank Fund.
(2) (2)(a) The fund consists of money generated from the following revenue sources:
(2)(a)(i) deposits into the fund in accordance with Subsection 72-2-121(9);
(2)(a)(ii) appropriations made to the fund by the Legislature;
(2)(a)(iii) federal money and grants that are deposited into the fund;
(2)(a)(iv) money transferred to the fund by the commission from other money available to the department;
(2)(a)(v) state grants that are deposited into the fund;
(2)(a)(vi) contributions or grants from any other private or public sources for deposit into the fund; and
(2)(a)(vii) subject to Subsection (2)(b) and Section 72-2-306, all money collected from repayments of fund money used for infrastructure loans or infrastructure assistance.
(2)(b) When a loan from the fund is repaid, the department may request and the Legislature may transfer from the fund to the source from which the money originated an amount equal to the repaid loan.
(3) (3)(a) The fund shall earn interest.
(3)(b) All interest earned on fund money shall be deposited into the fund.
(4) (4)(a) Except as provided in Subsection (4)(b), money in the fund shall be used by the department, as prioritized by the commission, only to:
(4)(a)(i) provide infrastructure loans or infrastructure assistance; and
(4)(a)(ii) pay the department for the costs of administering the fund, providing infrastructure loans or infrastructure assistance, monitoring transportation projects and publicly owned infrastructure projects, and obtaining repayments of infrastructure loans or infrastructure assistance.
(4)(b) Notwithstanding Subsection (4)(a), money in the fund shall be used by the department to provide funds in the following order of priority:
(4)(b)(i) a $20,000,000 loan to Draper for the renovation of existing water pipelines and the expansion of drinking water infrastructure;
(4)(b)(ii) a $5,000,000 loan to Herriman for the mitigation and replacement of impacted soils;
(4)(b)(iii) a $9,000,000 grant to the County of the First Class Highway Projects Fund created in Section 72-2-121;
(4)(b)(iv) a $4,000,000 grant to Metropolitan Water District of Salt Lake and Sandy for the Little Cottonwood Creek conduit connecting to the water treatment plant;
(4)(b)(v) a $2,000,000 grant to Draper for construction, expansion, and renovation of new and existing drinking water infrastructure;
(4)(b)(vi) a $2,000,000 grant to West Jordan for improvements to 6700 West between 9000 South and New Bingham Highway;
(4)(b)(vii) a $2,500,000 grant to Riverton for improvements to 2700 West between 13400 South and Bangerter Highway; and
(4)(b)(viii) a $30,000,000 grant to Bluffdale for construction of a multiple lane, grade-separated rail crossing at 1000 West and 14600 South.
(5) (5)(a) The department may establish separate accounts in the fund for infrastructure loans, infrastructure assistance, administrative and operating expenses, or any other purpose to implement this part.
(5)(b) Prioritization of infrastructure loans described in Subsection (5)(a) shall follow the same process as described in Section 72-2-303.
(5)(c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the department may make rules governing how the fund and its accounts may be held by an escrow agent.
(6) Fund money 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.