(1) (a) There is created a restricted account within the General Fund known as the "Infrastructure and Economic Diversification Investment Account." (b) The Infrastructure and Economic Diversification Investment Account shall consist of: (i) all money credited to the account under Section 51-9-305; (ii) appropriations from the Legislature; and (iii) grants from private foundations.
(a) There is created a restricted account within the General Fund known as the "Infrastructure and Economic Diversification Investment Account."
(b) The Infrastructure and Economic Diversification Investment Account shall consist of: (i) all money credited to the account under Section 51-9-305; (ii) appropriations from the Legislature; and (iii) grants from private foundations.
(i) all money credited to the account under Section 51-9-305;
(ii) appropriations from the Legislature; and
(iii) grants from private foundations.
(2) (a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act. (b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.
(a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act.
(b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.
(3) The Legislature may appropriate money from the Infrastructure and Economic Diversification Investment Account for: (a) infrastructure and economic diversification investment projects; and (b) research projects that support economic and capital development within areas of the state that produced the severance tax revenues.
(a) infrastructure and economic diversification investment projects; and
(b) research projects that support economic and capital development within areas of the state that produced the severance tax revenues.
(4) At least 25% of the money appropriated in accordance with Subsection (3) shall be used for the following projects within areas of the state that produced the severance tax revenues: (a) capital and infrastructure development; (b) economic diversification investment; and (c) research to support Subsections (4)(a) and (b).
(a) capital and infrastructure development;
(b) economic diversification investment; and
(c) research to support Subsections (4)(a) and (b).
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