Loan approval committee -- Approval of infrastructure loans.
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(1) As used in this section:
(a) "Borrower" means the same as that term is defined in Section 63A-3-401.5.
(b) "Infrastructure loan" means the same as that term is defined in Section 63A-3-401.5.
(c) "Infrastructure project" means the same as that term is defined in Section 63A-3-401.5.
(d) "Point of the mountain fund" means the same as that term is defined in Section 63A-3-401.5.
(e) "Loan approval committee" means a committee consisting of:
(i) the board member:
(A) who is a member of the Senate appointed under Subsection 11-59-302(2)(a); and
(B) whose Senate district is closer to the boundary of the point of the mountain state land than is the Senate district of the other member of the Senate appointed under Subsection 11-59-302(2)(a);
(ii) the board member:
(A) who is a member of the House of Representatives appointed under Subsection 11-59-302(2)(b); and
(B) whose House district is closer to the boundary of the point of the mountain state land than is the House district of the other member of the House of Representatives appointed under Subsection 11-59-302(2)(b);
(iii) the board member who is appointed by the governor under Subsection 11-59-302(2)(c)(i);
(iv) the board member who is appointed by the governor under Subsection 11-59-302(2)(c)(ii); and
(v) the board member who is the mayor of Draper or a member of the Draper city council.
(2) The loan approval committee may approve an infrastructure loan from the point of the mountain fund to a borrower for an infrastructure project undertaken by the borrower.
(3) The loan approval committee shall establish the terms of an infrastructure loan in accordance with Section 63A-3-404.
(4) The loan approval committee may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.
(5) Within 60 days after the execution of an infrastructure loan, the loan approval committee shall report the infrastructure loan, including the loan amount, terms, and security, to the Executive Appropriations Committee.
(6)
(a) Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.
(b) A committee member who is not a legislator may not receive compensation or benefits for the member's service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:
(i) Sections 63A-3-106 and 63A-3-107; and
(ii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.