Utah Administrative Code
Topic - Transportation Commission
Title R940 - Administration
Rule R940-3 - State Infrastructure Bank Fund
Section R940-3-3 - Procedures and Standards for an Infrastructure Loan or Assistance from the SIB

(a) Under Title 72, Chapter 2, Part 2, State Infrastructure Bank Fund, and this rule, a public entity is eligible to apply for and receive an infrastructure loan or assistance through the SIB.

(b) A public entity must request an infrastructure loan or infrastructure assistance using an application form provided by the department.

(c) The public entity must complete and submit the application according to the application instructions.

(d) The public entity must state clearly if it is applying for an infrastructure loan or infrastructure assistance.

(e) If applicable, the public entity must state if it is applying for an infrastructure loan or infrastructure assistance in a greenfield area.

(f) The application form with instructions is available on the department's website at udot.utah.gov/go/SIB.

(a) A loan from the SIB fund must bear interest at or above the market interest rate available to the state.

(b) The commission will determine the interest rate for an infrastructure loan by adding 0.5% to the rate for AAA Municipal General Obligation Bonds obtained from the state treasurer as of the date of the completed application.

(c) The public entity must begin repaying the infrastructure loan no later than the completion date of the project or the date the public entity opens the facility to traffic in the case of a highway project. Interest will accrue during the period between loan closing and the agreed-upon estimated project completion date and will be capitalized and added to the loan's principal balance.

(d) The repayment period for an infrastructure loan may not exceed the term identified in Title 72, Chapter 2, Part 2, State Infrastructure Bank Fund.

(e) Loan documents must state the execution date and repayment deadline date for the loan.

(f) The public entity may pledge any of a revenue source controlled by the public entity to repay the loan.

(g) The public entity must repay loans in monthly, quarterly, or yearly installments.

(h) If the applicant does not fully execute the assistance or loan within 180 days of the date the commission approves the application, the application will expire unless the applicant requests and the commission approves a continuation of the terms. Continuations are limited to a maximum of 180 days each.