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Utah Code Title 73. Water and Irrigation § 73-10g-605. Capital asset management and reserve analysis--Assistance for person seeking state funds

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

(1) As a condition of receiving water infrastructure fund money for a water infrastructure project by a loan or grant, a recipient shall:

(a) conduct a reserve study showing how the recipient shall:

(i) repay the loan if the recipient receives a loan; and

(ii) collect money for repair and replacement of the water infrastructure project;

(b) if the recipient receives a loan, update the reserve study described in Subsection (1)(a) every five years or until the loan is repaid; and

(c) comply with the relevant capital asset management requirements under:

(i)Section 19-5-202 for a water infrastructure project related to wastewater or sewage infrastructure; or

(ii)Section 73-10g-502 for a water provider's, as defined in Section 73-10g-501, water infrastructure project that is not described in Subsection (1)(c)(i).

(2) A reserve study required under this section shall include:

(a) a list of the components identified in the reserve analysis that will reasonably require reserve funds;

(b) a statement of the probable remaining useful life, as of the date of the reserve analysis, of each component identified in the reserve analysis;

(c) an estimate of the cost to repair, replace, or restore each component identified in the reserve analysis;

(d) an estimate of the total annual contribution to a reserve fund necessary to meet the cost to repair, replace, or restore each component identified in the reserve analysis during the component's useful life and at the end of the component's useful life; and

(e) a reserve funding plan that recommends how the system may fund the annual contribution described in Subsection (2)(d).

(3) If a person seeking water infrastructure fund money under this part establishes a need to the satisfaction of a relevant agency, the relevant agency may provide the person:

(a) water infrastructure fund money to assist the recipient in complying with the planning, reserve analysis, and capital asset management requirements of this part; or

(b) technical assistance with the planning, reserve analysis, or capital asset management requirements of this part.

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Cite this article: FindLaw.com - Utah Code Title 73. Water and Irrigation § 73-10g-605. Capital asset management and reserve analysis--Assistance for person seeking state funds - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-73-water-and-irrigation/ut-code-sect-73-10g-605/

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