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Governor Huntsman Signs Flood Bill

News Release
February 2, 2005
Salt Lake City, Utah - Utah Governor Jon M. Huntsman, Jr., today signed House Bill 240 establishing the Disaster Loan Program. The bill, a direct response to the recent flood disaster in southwest Utah, is the first bill the Governor has officially signed into law. It takes effect immediately.

"The citizens of Utah should be proud that their elected officials in the Legislature have acted so quickly on such an important issue," said Governor Huntsman. "The bill provides direct and immediate aid to begin the process of rebuilding communities in southwestern Utah."

The bill, sponsored by State Representative Ron Bigelow and enacted with broad bi-partisan support, appropriates $25 million from the general fund for loans to counties affected by flooding and establishes loan requirements. It creates mechanisms for requesting the loan and for other political subdivisions within the county to participate in the program.

The loans carry an annual percentage rate of two-percent. The principal and interest on the note are due on the May 1, in the calendar year after the year in which the note is signed.

Representative David Clark of Santa Clara witnessed the devastation last month, and today he witnessed the bill signing. "We talk about the Dixie Spirit, but this really represents the Utah Spirit of people helping people."

"The State is pleased to provide assistance that will allow these impacted communities to re-build, as well as communities in Utah that may suffer from disasters in the future," said Governor Huntsman.

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