17D-4-202.2. Public infrastructure district created by a development authority -- Board -- Governing document.
(1) As used in this section: "Governing body" means the governing body of the development authority that created a public infrastructure district. "Grandfathered public infrastructure district" means a public infrastructure district: created by the Point of the Mountain State Land Authority created in Section; and 11-59-201 that is not a specified public infrastructure district. "Specified public infrastructure district" means a public infrastructure district created by a development authority on or after May 6, 2026.
(2) Except as provided in Subsection, the governing document of a specified public infrastructure district shall require that a majority of the board members of the specified public infrastructure district be appointed by the governing body. (4)
(3) Beginning May 6, 2026, a grandfathered public infrastructure district shall modify the public infrastructure district's governing document by no later than July 1, 2026, to ensure that at least 40% of the public infrastructure board's seats are appointed by the governing body.
(4) The governing document of a specified public infrastructure district may provide for a different board structure than described in Subsectionif: (2) the governing body finds that a compelling reason exists to reduce the number of appointments made by the governing body; the board and the governing body both make a 2/3 vote to modify the governing document to reduce the number of appointments made by the governing body; and the governing body retains the ability to appoint a minimum of 40% of the board.
(5) A public infrastructure district created by a development authority that issues a bond may only issue additional bonds or create new debt: in accordance with the governing document approved by the governing body; or if a majority of the public infrastructure district's board members are appointed by the governing body.