(1) A qualified depository may request the state treasurer to make a deposit in the qualified depository if the qualified depository:
(a) has identified and approved for financing a qualified project; and
(b) requests no more than 100% of the financing for a qualified project.
(2) Subject to Subsection (3), the state treasurer shall approve the qualified depository's request for deposit:
(a) unless the state treasurer determines the qualified depository does not merit deposit under fiduciary duties and prudent investment practices within the parameters of this chapter;
(b) in an amount that is equal to the lesser of:
(i) the deposit amount requested;
(ii) $60,000,000; or
(iii) 50% of the qualified depository's maximum amount of public deposits determined in accordance with Section 51-7-18.1; and
(c) as sufficient money becomes available in the fund and in accordance with Subsection 72-2-134(4)(a).
(3) The state treasurer may not approve a request for deposit after December 31, 2027.
(4) The state treasurer shall notify Utah Housing Corporation of any qualified projects for which the state treasurer makes a deposit in a qualified depository.