73-28-404 - Repayments returned to Water Resources Conservation and Development Fund -- Establishment of an enterprise fund.
73-28-404. Repayments returned to Water Resources Conservation andDevelopment Fund -- Establishment of an enterprise fund.
(1) The board shall deposit, in accordance with Section 51-4-1, into the Water ResourcesConservation 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), entitledthe "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 projectoperation, maintenance, repair, and replacement costs;
(ii) revenues received from the sale of electricity that are deposited in the fund inaccordance with Subsection 73-28-203(3); and
(iii) all interest earned by the fund.
(3) (a) Any unexpended monies remaining in the fund at the end of the fiscal year arenonlapsing.
(b) Notwithstanding Section 63J-1-211, the Legislature may not appropriate any moniesfrom the Lake Powell Pipeline Project Operation and Maintenance Fund.
(4) The state treasurer shall:
(a) invest the monies in the enterprise fund by following the procedures and requirementsof Title 51, Chapter 7, State Money Management Act; and
(b) deposit all interest or other earnings derived from those investments into the LakePowell Pipeline Operation and Maintenance Fund.
(5) The committee shall approve the expenditure of fund monies to cover the projectoperation, maintenance, repair, and replacement costs, subject to:
(a) monies 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 shalldirect the disposition of the monies remaining in the fund.
Amended by Chapter 183, 2009 General Session