(1) There is created within the General Fund a restricted account known as the "Critical Minerals Development Account." (2) Subject to appropriation, the council shall administer the Critical Minerals Development Account for the purposes described in Subsection (5). (3) The Critical Minerals Development Account consists of: (a) revenue deposited into the Critical Minerals Development Account under Section 79-10-403; (b) money appropriated by the Legislature; (c) federal money; (d) donations or grants from public or private entities; and (e) interest and other earnings earned on money in the Critical Minerals Development Account. (4) (a) The Critical Minerals Development Account shall earn interest. (b) The state treasurer shall invest account money in accordance with Title 51, Chapter 7, State Money Management Act, and credit the interest and earnings from the investments to the Critical Minerals Development Account. (5) Subject to appropriation, the council may use account money to: (a) pay the costs of administering this chapter; (b) fund the operations of the center in accordance with the plan and budget developed by the council in accordance with Section 79-10-601; (c) facilitate critical minerals extraction and processing infrastructure development within the state, including funding research, site selection, permitting, public outreach, and other activities related to the development of critical minerals extraction or processing infrastructure; (d) provide matching funds for federal critical minerals grants; (e) support critical minerals workforce development programs; and (f) provide incentives for critical minerals extraction or processing projects. (6) The council shall include a report of how money from the Critical Minerals Development Account was used in the annual report described in Section 79-10-302.
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