1. (1) As used in this section:

   1. (a) "Borrower" means the same as that term is defined in Section 63A-3-401.5.
   2. (b) "Infrastructure loan" means the same as that term is defined in Section 63A-3-401.5.
   3. (c) "Infrastructure project" means the same as that term is defined in Section 63A-3-401.5.
   4. (d) "Military development fund" means the same as that term is defined in Section 63A-3-401.5.

   5. (e) "Loan approval committee" means a committee consisting of:

      1. (i) the board member who is appointed by the governor under Subsection 63H-1-302(2)(a);
      2. (ii) the board member who is appointed by the governor under Subsection 63H-1-302(2)(c);
      3. (iii) the board members who are appointed by the president of the Senate and the speaker of the House of Representatives under Subsection 63H-1-302(3); and
      4. (iv) a voting or nonvoting board member designated by the board.
2. (2) The loan approval committee may approve an infrastructure loan from the military development fund to a borrower for an infrastructure project undertaken by the borrower.
3. (3) The loan approval committee shall establish the terms of an infrastructure loan in accordance with Section 63A-3-404.
4. (4) The loan approval committee may establish policies and guidelines with respect to prioritizing requests for infrastructure loans and approving infrastructure loans.
5. (5) Beginning May 5, 2021, the loan approval committee shall assume jurisdiction from the State Infrastructure Bank Fund relating to the terms of a loan under Subsection 63B-27-101(3)(a)(i).

6. (6) Within 60 days after the execution of an infrastructure loan, the loan approval committee shall report the infrastructure loan, including the loan amount, terms, interest rate, and security, to:

   1. (a) the Executive Appropriations Committee;
   2. (b) the State Finance Review Commission created in Section 63C-25-201.

7. (7)

   1. (a) A meeting of the loan approval committee does not constitute a meeting of the board, even if a quorum of the board is present at a loan approval committee meeting.
   2. (b) A quorum of board members present at a meeting of the loan approval committee may not conduct board business at the loan approval committee meeting.

8. (8)

   1. (a) Salaries and expenses of committee members who are legislators shall be paid in accordance with Section 36-2-2 and Legislative Joint Rules, Title 5, Chapter 3, Legislator Compensation.

   2. (b) A committee member who is not a legislator may not receive compensation or benefits for the member's service on the committee, but may receive per diem and reimbursement for travel expenses incurred as a committee member at the rates established by the Division of Finance under:

      1. (i) Sections 63A-3-106 and 63A-3-107; and
      2. (ii) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.

Amended by Chapter 207, 2022 General Session