Use of revenue from a qualified development zone.

(1) As used in this section: (a) "Eligible basic special district" means a basic special district: (i) created before April 15, 2011; and (ii) that issued limited general obligation bonds in 2024. (b) "Qualified development zone" means the same as that term is defined in Subsection 59-12-205(7)(a)(ii)(E). (2) An eligible basic special district may receive revenue from the tax imposed under Section 59-12-205. (3) An eligible basic special district that receives revenue as described in Subsection (2) shall use the revenue: (a) for any purpose the basic special district is authorized to perform under this chapter; and (b) (i) in a manner approved by the municipality where the qualified development zone is located; or (ii) in a manner approved by a county, if the qualified development zone is located in an unincorporated area of the county.