No. 41903 (5-year Review): Rule R990-9. Policy Concerning Enforceability and Taxability of Bonds Purchased

DAR File No.: 41903
Filed: 07/06/2017 01:22:25 PM

NOTICE OF REVIEW AND STATEMENT OF CONTINUATION

Concise explanation of the particular statutory provisions under which the rule is enacted and how these provisions authorize or require the rule:

Provisions of the federal Mineral Leasing Act of 1920, 30 U.S.C. 191, as amended, provide for states to receive revenue from federal mineral leases. Consistent with these provisions, the Utah Legislature has created the Permanent Community Impact Fund and the Permanent Community Impact Fund Board to administer and distribute these revenues (see Section 35A-8-301 et seq.). Section 35A-8-307 specifically requires the Board to consider a political subdivision's bonded indebtedness and availability of bonds in the course of determining whether to provide funding. The Board has rulemaking authority under Section 35-8-306.

Summary of written comments received during and since the last five-year review of the rule from interested persons supporting or opposing the rule:

No comments have been received during the last five years.

Reasoned justification for continuation of the rule, including reasons why the agency disagrees with comments in opposition to the rule, if any:

The rule is necessary to set forth standards for the use of bonds in providing funding to political subdivisions as required under state law. Therefore, this rule should be continued.

The full text of this rule may be inspected, during regular business hours, at the Office of Administrative Rules, or at:

Workforce Services
Housing and Community Development
140 E BROADWAY
SALT LAKE CITY, UT 84111-2333

Direct questions regarding this rule to:

• Nathan White at the above address, by phone at 801-526-9647, by FAX at , or by Internet E-mail at [e-mail]

Effective:

07/06/2017

Authorized by:

Jon Pierpont, Executive Director

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