Statewide Water Storage

HB 349 establishes a framework for state-funded loans to support water storage projects like dams and reservoirs. It authorizes using the existing Water Infrastructure Restricted Account to provide loans for projects such as developing Utah's share of the Bear and Colorado rivers, repairing federal water infrastructure, or expanding water storage capacity, with repayment terms set by the Division of Water Resources. Local sponsors (including cities, counties, tribes, and water districts) must meet specific conservation requirements - like requiring new developments to follow strict water-use standards - to qualify for certain loans. The bill also creates reporting requirements and rulemaking processes for loan approvals and repayment, using existing funds without new appropriations. It directly affects entities planning or building water infrastructure projects seeking state financial assistance.