treasurer. (1) The board shall: (a) make infrastructure loans to qualifying political subdivisions for system improvements that will facilitate the construction of housing in accordance with Section 63N-3-1805; (b) for the infrastructure loans described in Subsection (1)(a): (i) establish criteria for determining infrastructure loan eligibility; (ii) establish criteria by which an infrastructure loan will be made and repaid; and (iii) determine the order in which system improvements will be funded; and (c) administer the fund in a manner that will keep a portion of the fund revolving. (2) On or before September 1 of each year, the board shall submit a written report to the Economic Development and Workforce Services Interim Committee and the Political Subdivisions Interim Committee that includes: (a) information regarding the activities of the board, including any rules made under Subsection (3); (b) the number and types of infrastructure loans made; (c) a list of qualifying political subdivisions that received an infrastructure loan; (d) the number of constructed housing units that each infrastructure loan facilitated; and (e) any recommendations for legislation. (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and subject to any recommendations provided by the Economic Development and Workforce Services Interim Committee and the Political Subdivisions Interim Committee, the board may make rules governing: (a) management of the fund; and (b) infrastructure loan application requirements and eligibility review criteria. (4) (a) Beginning after June 30, 2028, the state treasurer shall conduct a study that analyzes whether the lending activity under this part resulted in measurable local economic benefits. (b) On or before October 1, 2028, the state treasurer shall submit a report summarizing the results of the study to the Legislative Management Committee and the governor. (c) The state treasurer may contract with a third party to complete the study and report described in this Subsection (4).
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