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Utah Code Title 51. Public Funds and Accounts § 51-12-202. Terms of deposit

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) The state treasurer shall enter into a deposit agreement with an approved qualified depository in accordance with Section 51-12-201.

(2) The deposit agreement shall provide that the qualified depository:

(a) shall offer loan financing to a developer of a qualified project at a rate no higher than 150 basis points above the federal funds effective rate at the time of the deposit;

(b) shall return the amount of deposit:

(i) with interest at a rate equal to the greater of:

(A) the federal funds effective rate at the time of the deposit minus 200 basis points; or

(B) 0.5%; and

(ii) at the earlier of:

(A) 24 months from the day on which the deposit is made;

(B) repayment of the loan financing;

(C) the sale of the last home in the qualified project; or

(D) June 30, 2027;

(c) is responsible for return of the amount of the deposit with accrued interest regardless of the completion of the qualified project or the repayment of the qualified depository's loan to the developer of the qualified project; and

(d) shall report to the state treasurer the total number of housing units and the number of attainable homes each qualified project created.

(3) A qualified depository may return the deposit earlier than the time period described in Subsection (2)(b)(ii) without penalty.

(4) The state treasurer shall deposit the return of the amount of the deposit, including interest, into the fund.

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Cite this article: FindLaw.com - Utah Code Title 51. Public Funds and Accounts § 51-12-202. Terms of deposit - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-51-public-funds-and-accounts/ut-code-sect-51-12-202/

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