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UTAH CODE (Last Updated: January 16, 2015) |
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Title 51. Public Funds and Accounts |
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Chapter 9. Funds and Accounts Act |
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Part 3. Infrastructure and Economic Diversification Investment Account and Deposit of Certain Severance Taxes into Permanent State Trust Fund Act |
§ 51-9-303. Creation of Infrastructure and Economic Diversification Investment Account.
Latest version.
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(1) (a) There is created a restricted account within the General Fund known as the "Infrastructure and Economic Diversification Investment Account." (b) The Infrastructure and Economic Diversification Investment Account shall consist of: (i) all money credited to the account under Section 51-9-305; (ii) appropriations from the Legislature; and (iii) grants from private foundations. (2) (a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act. (b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund. (3) The Legislature may appropriate money from the Infrastructure and Economic Diversification Investment Account for infrastructure and economic diversification investment projects. (4) At least 25% of the money appropriated in accordance with Subsection (3) shall be used for the following projects within areas of the state that produced the severance tax revenues: (a) capital and infrastructure development; and (b) economic diversification investment.