Local Option – Industrial Facilities and Development Bonds

Program Overview

Implementing Sector	State
Category	Financial Incentive
State	Utah
Incentive Type	Bond Program
Web Site	https://le.utah.gov/xcode/Title11/Chapter17/11-17.html
Administrator	Programs are administered at the local level
Eligible Renewable/Other Technologies	Solar Water Heat, Geothermal Electric, Solar Thermal Electric, Solar Photovoltaics, Wind (All), Hydroelectric, Geothermal Heat Pumps, Combined Heat & Power, Daylighting, Wind (Small), Hydroelectric (Small), Geothermal Direct-Use, Other Distributed Generation Technologies
Eligible Efficiency Technologies	Equipment Insulation, Lighting, Chillers, Furnaces, Boilers, Heat pumps, Air conditioners, Heat recovery, Compressed air, Energy Mgmt. Systems/Building Controls, Caulking/Weather-stripping, Building Insulation, Windows, Doors, Other EE, LED Lighting
Applicable Sectors	Commercial, Industrial, Institutional
Incentive Amount	Locally Determined
Maximum Incentive	Locally Determined
Terms	Locally Determined

Summary

Under the Utah Industrial Facilities and Development Act, counties, municipalities, and state universities in Utah may issue Industrial Revenue Bonds (IRBs) to promote industrial development and manufacturing facilities. In 2013, Utah extended eligible projects to include energy efficiency upgrades and renewable energy systems. Municipalities may issue revenue bonds in order to finance eligible projects. Proceeds from the sale of bonds may be used to pay for or to reimburse the project owner, project user, or a lender for the costs of the project. With the added provision to allow reimbursement to lenders, the issuance of bonds may be used by a municipality to create a local loan program, in addition to direct financing of projects.

Authorities

Name	Utah Code 11-17