§ 73-28-404. Repayments returned to Water Resources Conservation and Development Fund -- Establishment of an enterprise fund.

(1) The board shall deposit, in accordance with Section 51-4-1, into the Water Resources Conservation and Development Fund:

(a) repayments of preconstruction and construction costs; and

(b) the interest charged.

(2)

(a) There is created an enterprise fund, as defined in Subsection 51-5-4(8), entitled the "Lake Powell Pipeline Project Operation and Maintenance Fund."

(b) The fund consists of:

(i) revenues received from the sale of developed water that is designated for project operation, maintenance, repair, and replacement costs;

(ii) revenues received from the sale of electricity that are deposited in the fund in accordance with Subsection 73-28-203(3); and

(iii) all interest earned by the fund.

(3) Notwithstanding Section 63J-1-211, the Legislature may not appropriate any money from the Lake Powell Pipeline Project Operation and Maintenance Fund.

(4) The state treasurer shall:

(a) invest the money in the enterprise fund by following the procedures and requirements of Title 51, Chapter 7, State Money Management Act; and

(b) deposit all interest or other earnings derived from those investments into the Lake Powell Pipeline Operation and Maintenance Fund.

(5) The committee shall approve the expenditure of fund money to cover the project operation, maintenance, repair, and replacement costs, subject to:

(a) money available in the fund; and

(b) rules established by the board under Subsection 73-28-104(2).

(6) If title to the project is transferred under Section 73-28-405, the agreement shall direct the disposition of the money remaining in the fund.

Amended by Chapter 303, 2011 General Session
Amended by Chapter 342, 2011 General Session