§ 63H-2-201. Creation of Utah Energy Infrastructure Authority.

(1) There is created an independent state agency known as the "Utah Energy Infrastructure Authority."

(2) Subject to Section 63H-2-203, the authority may:

(a) sue and be sued;

(b) enter into contracts generally;

(c)

(i) accept financial or other assistance from a public or private source for the authority's activities, powers, and duties; and

(ii) expend money received under Subsection (2)(c)(i) for the purpose of building or enhancing the state's energy delivery infrastructure;

(d)

(i) for the purpose of studying a qualifying transmission project, borrow money or accept financial or other assistance from:

(A) a public entity; or

(B) any other source; and

(ii) comply with a condition of a loan or assistance described in Subsection (2)(d)(i);

(e) in accordance with Part 4, Bonding, issue one or more bonds to finance a qualifying energy delivery project;

(f) hire one or more employees, including:

(i) a contract employee; and

(ii) legal counsel;

(g) enter into a partnership agreement with a business entity related to a qualifying energy delivery project;

(h) enter into an agreement with a public entity related to a qualifying energy delivery project;

(i) if none of the authority's net earnings inure to the benefit of a private entity, use money available to the authority:

(i) for administrative, overhead, legal, or other operating expenses of the authority; and

(ii) to pay the principal and interest on an authority bond;

(j) create one or more subsidiaries to engage in an activity that the authority may engage in under this chapter;

(k) transact other business related to a qualifying energy delivery project;

(l) acquire, own, lease, or sell real property or personal property related to a qualifying energy delivery project; or

(m) exercise a power provided for in this chapter.

(3) Unless expressly provided in this chapter, the state is not liable for an obligation, expense, debt, or liability of the authority.

Amended by Chapter 37, 2012 General Session