Local Option - Industrial Facilities and Development Bonds

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 a 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.