This filing was published in the 09/15/2008, issue, Vol. 2008, No. 18, of the Utah State Bulletin.
Transportation Commission, Administration
Procedures for Transportation Infrastructure Loan Fund Assistance
NOTICE OF PROPOSED RULE
DAR File No.: 31920
Filed: 09/02/2008, 01:31
Received by: NL
Purpose of the rule or reason for the change:
This rule is to establish procedures and standards for making loans and assistance through the Transportation Infrastructure Loan Fund.
Summary of the rule or change:
This rule establishes definitions, outlines commission responsibilities, and establishes conditions for assistance or loans from the Transportation Infrastructure Loan Fund.
State statutory or constitutional authorization for this rule:
Anticipated cost or savings to:
the state budget:
The anticipated cost or savings to the state or a local government will depend on two factors: 1) whether loans are obtained by local government entities through the Transportation Infrastructure Loan Fund; and 2) the terms of the loan as approved by the Utah Transportation Commission. To date, local government entities have obtained a loan through the Transportation Infrastructure Loan Fund only twice since its inception. It is unknown how frequently the Loan Fund will be accessed in the future or what loan terms will be imposed. Historically, the Transportation Commission has imposed an interest rate equal to current Treasury Bill rates. Local entities could realize savings if the rates approved by the Transportation Commission are better than rates a local entity could obtain on the open market. Any proceeds realized from a loan are paid back to the Transportation Infrastructure Loan Fund and become available for loans through the Fund.
See the response to state budget above.
small businesses and persons other than businesses:
No financial impacts are imposed on business since statute restricts use of the fund to public entities.
Compliance costs for affected persons:
There are no compliance costs to private entities since the rule doesn't apply to the private sector. There would be no compliance costs for local governments since local governments will seek loans through the Fund only if it is financially advantageous.
Comments by the department head on the fiscal impact the rule may have on businesses:
Whether loans are obtained by local government entities through the Transportation Infrastructure Loan Fund or the terms of the loan as approved by the Utah Transportation Commission, no fiscal impact is expected. John Njord, Executive Director
The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:Transportation Commission
CALVIN L RAMPTON COMPLEX
4501 S 2700 W
SALT LAKE CITY UT 84119
Direct questions regarding this rule to:
Maureen Short at the above address, by phone at 801-965-4026, by FAX at 801-965-4338, or by Internet E-mail at firstname.lastname@example.org
Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:
This rule may become effective on:
John R. Njord, Executive Director
R940. Transportation Commission, Administration.
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For questions regarding the content or application of this rule, please contact Maureen Short at the above address, by phone at 801-965-4026, by FAX at 801-965-4338, or by Internet E-mail at email@example.com
For questions about the rulemaking process, please contact the Division of Administrative Rules (801-538-3764). Please Note: The Division of Administrative Rules is NOT able to answer questions about the content or application of these administrative rules.
Last modified: 09/11/2008 1:36 PM