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(1) Money in the fund may be used by the department, as prioritized by the commission or as directed by the Legislature, to make infrastructure loans or to provide infrastructure assistance to any public entity for any purpose consistent with any applicable constitutional limitation.
(2) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission shall make rules providing procedures and standards for making infrastructure loans and providing infrastructure assistance and a process for prioritization of requests for loans and assistance.
(3) The prioritization process, procedures, and standards for making an infrastructure loan or providing infrastructure assistance may include consideration of the following:
(a) availability of money in the fund;
(b) credit worthiness of the project;
(c) demonstration that the project will encourage, enhance, or create economic benefits to the state or political subdivision;
(d) likelihood that assistance would enable the project to proceed at an earlier date than would otherwise be possible;
(e) the extent to which assistance would foster innovative public-private partnerships and attract private debt or equity investment;
(f) demonstration that the project provides a benefit to the state highway system, including safety or mobility improvements;
(g) the amount of proposed assistance as a percentage of the overall project costs with emphasis on local and private participation;
(h) demonstration that the project provides intermodal connectivity with public transportation, pedestrian, or nonmotorized transportation facilities; and
(i) other provisions the commission considers appropriate.