UTA LEG Infrastructure Financing

On Feb. 28, UTA LEG proposed bill on infrastructure financing districts.

  • UTA LEG issued HB 13S01 to modify provisions on infrastructure financing districts.
  • Amended provisions in UTA LEG 17B-1 and UTA LEG 17B-2a on special districts.
  • Bill Provisions
  • Authorized creation of a type of special district for purpose of financing infrastructure.
  • Provisions provided a process for the creation of an infrastructure financing district.
  • Additionally, defined powers and governance of an infrastructure financing district.
  • Authorized an infrastructure financing district to impose an assessment on property within district and to issue assessment bonds to finance infrastructure within district.
  • Further, authorized specific local entities to provide for a longer installment payment period for assessments imposed in an assessment area; set district bonding authority.
  • District must provide proof to a county/municipality that an assessment bond has been paid on owner-occupied residential property before certificate of occupancy issuance.
  • Provisions also provided for the annexation of an area to an infrastructure financing district, the withdrawal of an area from a district, and for dissolution of a district.
  • Authorized sponsors of a petition to create an infrastructure financing district.
  • To create a governing document with provisions that govern the district, including providing for membership and transition from appointed positions to elected positions.
  • Legislative History
  • On Jan. 16, 2024, bill was introduced in House; on Feb. 6, 2024, bill passed House.
  • On Feb. 7, 2024, bill was introduced in Senate; on Feb. 22, 2024, bill passed Senate.
  • On Feb. 28, 2024, bill was sent for enrolling; pending governor review and approval.
  • Effectiveness
  • Upon approval, provisions in HB 13S01 will become effective on May 1, 2024.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 19, 2024, UTA LEG governor signed bill on infrastructure financing districts.

Regulators UTA LEG
Entity Types Bank; Corp; Thrift
Reference Bill, 3/19/2024; Bill HB0013S01, 2/28/2024; Citation: *UTA LEG* 17B-1, 17B-2a;
Functions Compliance; C-Suite; Financial; Legal; Operations
Countries United States of America
Products Banking; Corporate; Loan
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 202921
Linked to N/A
Reg. Last Update 3/19/2024
Report Section US Consumer

Last substantive update on 03/25/2024