1. (1) The council shall be composed of:

   1. (a) the director or the director's designee;
   2. (b) two individuals appointed by the governor;
   3. (c) one individual appointed by the president of the Senate;
   4. (d) one individual appointed by the speaker of the House of Representatives;

   5. (e) two individuals appointed by the members described in Subsections (1)(a) through (d), each of whom have experience in one or more of the following:

      1. (i) economic development, including support for existing or new industries that are critical to the state;
      2. (ii) public utilities, including utility operations, management, regulation, or policy;
      3. (iii) bonding or public financing, including municipal bond issuance, project finance, or public-private partnerships; or
      4. (iv) relevant legal matters, including energy law, public finance law, utility regulation, or securities law.

2. (2)

   1. (a) Except as provided in Subsection (2)(b), a council member appointed under Subsection (1):

      1. (i) shall serve a four-year term;
      2. (ii) may be removed by the appointing authority;
      3. (iii) may be reappointed; and
      4. (iv) continues to serve until the member's successor is appointed and qualified.

   2. (b) Initial terms for the appointed council members shall be staggered as follows:

      1. (i) one member appointed by the governor under Subsection (1)(b) shall serve a two-year term;
      2. (ii) one member appointed by the governor under Subsection (1)(b) shall serve a three-year term;
      3. (iii) the member appointed by the president of the Senate under Subsection (1)(c) shall serve a four-year term; and
      4. (iv) the member appointed by the speaker of the House of Representatives under Subsection (1)(d) shall serve a two-year term.
   3. (c) A member appointed under Subsection (1)(e) may be removed by majority vote of the council members appointed under Subsections (1)(a) through (1)(d).
3. (3) When a vacancy occurs in the membership for any reason, the replacement shall be appointed by the relevant appointing authority for the unexpired term.

4. (4)

   1. (a) Until July 1, 2026, the director, or the director's designee, shall serve as chair of the council.

   2. (b) Beginning on July 1, 2026:

      1. (i) the director, or the director's designee, shall serve as a co-chair of the council; and
      2. (ii) the president of the Senate and the speaker of the House of Representatives shall jointly designate one member of the council described in Subsections (1)(b) through (1)(e) to serve as a co-chair of the council.
   3. (c) The co-chair designated under Subsection (4)(b)(ii) may be removed as co-chair and replaced by joint designation of the president of the Senate and the speaker of the House of Representatives.

5. (5)

   1. (a) A majority of council members constitutes a quorum for conducting council business.
   2. (b) A majority vote of the quorum present is required for any action taken by the council.

6. (6) The council shall meet:

   1. (a) at least quarterly; and
   2. (b) at the call of a co-chair or a majority of the council members.

7. (7)

   1. (a) A council member who is not a legislator may not receive compensation or benefits for the member's service but may receive per diem and travel expenses in accordance with:

      1. (i) Section 63A-3-106;
      2. (ii) Section 63A-3-107; and
      3. (iii) rules made by the Division of Finance under Sections 63A-3-106 and 63A-3-107.
   2. (b) Compensation and expenses of a council member who is a legislator are governed by Section 36-2-2 and Legislative Joint Rules, Title 5, Legislative Compensation and Expenses.
8. (8) The office shall provide staff support to the council.

9. (9)

   1. (a) Each member of the council serves concurrently as a member of the board of trustees of the district by virtue of the member's appointment to the council.
   2. (b) Service on the board is concurrent with and coterminous with service on the council and does not constitute a separate appointment or give rise to additional compensation.

Amended by Chapter 474, 2026 General Session