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Utah Administrative Code (Current through November 1, 2019) |
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R940. Transportation Commission, Administration |
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R940-3. Procedures for Transportation Infrastructure Loan Fund Assistance |
| R940-3-1. Purpose and Authority |
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This rule is enacted under the provisions of Section 72-2-203. The purpose of this rule is to establish procedures and standards for making loans and assistance through the Transportation Infrastructure Loan Fund. |
| R940-3-2. Definitions |
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(1) "Commission" means the Transportation Commission, which is created in Utah Code Ann. Section 72-1-301; (2) "Department" means the Utah Department of Transportation, which is created in Utah Code Ann. Section 72-1-201; (3) "Fund" means the Transportation Infrastructure Loan Fund, which is created in Utah Code Ann. Section 72-2-202; (4) "Assistance" means infrastructure assistance defined in Utah Code Ann. 72-2-201; (5) "Loan" means infrastructure loan defined in Utah Code Ann. 72-2-201; (6) "Transportation project" has the same meaning as defined in Utah Code Ann. 72-2-201; (7) "Qualified request" means any request submitted by a public entity for assistance or a loan: (a) that has been received and reviewed by the department; (b) that has been submitted by the department to the commission for review with a recommendation from the department to accept or reject the request; (c) for a transportation project that is on the Statewide Transportation Improvement Program; (8) "Public entity" has the same meaning as defined in Utah Code Ann. 72-2-201. |
| R940-3-3. Commission Responsibilities |
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The commission shall: (a) receive and review all qualified requests for assistance or loans through the fund; (b) approve assistance or loans provided by the department through the fund; (c) approve the terms of assistance or loans, including interest rates and repayment; (d) prioritize requests for assistance or loans based on: (i) the availability of monies in the fund; (ii) the merits of each qualified request as determined by the commission including, but not limited to, the ability to repay the loan, management of the project, the need for the transportation project and the public benefit. |
| R940-3-4. Conditions for Assistance or Loans |
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The commission shall approve or reject qualified requests submitted by the department during a commission meeting held under 72-1-302, including the terms for repayment. Any subsequent amendments or alterations made to the terms for repayment must be approved by the commission. Repayment of loans must be completed no more than 10 years from the time the loan is executed. If a transportation project is funded with federal funds, all federal regulations must be followed. |