Utah Code § 51-7-24 — Utah Code / Title 51 / Chapter 51-7 / § 51-7-24
§ 51-7-24. Sales and purchase in violation -- Remedies -- Limitation of action.
Status: in_force

(1) (a) Each certified investment adviser or certified dealer who transacts securities business with a public treasurer in violation of this chapter or any rule made or order issued under authority of this chapter is liable to the public treasurer. (b) The public treasurer may either sue to recover either: (i) damages, if the public treasurer no longer owns the security; or (ii) the sum of the following, less the amount of any income received on the security upon the tender of the security: (A) the consideration paid for the security; (B) interest at 12% per year from the date of payment; (C) costs; and (D) reasonable attorney's fees. (c) Damages are the amount that would be recoverable upon a tender less the value of the security when the public treasurer disposed of it and interest at 12% per year from the date of disposition. (2) If the court finds that the violation was reckless or indifferent, the court may, in a suit brought under Subsection (1), award an amount equal to three times the consideration paid for the security before adding interest, costs, and attorney's fees and before subtracting the income received from the sale of the security. (3) (a) Each person who directly or indirectly controls a seller or buyer or investment adviser is liable under Subsection (1). (b) Except as provided in Subsection (3)(c), the following are liable jointly and severally with and to the same extent as the seller or purchaser: (i) each partner, officer, or director of a seller or buyer; (ii) each person occupying a similar status or performing similar functions; (iii) each employee of a seller or buyer who materially aids in the sale or purchase; (iv) each certified investment adviser who materially aids in providing the advice; and (v) each broker-dealer or agent who materially aids or abets in the sale. (c) The nonseller or nonpurchaser is not liable under Subsection (3)(b) if the nonseller or nonpurchaser proves that he did not know or should have known, and in exercise of reasonable care could not or should not have known, of the existence of the facts that caused the alleged liability. (4) An action to enforce any liability under this section must begin within five years of the act or transaction constituting the violation or two years after the discovery by the public treasurer of the facts constituting the violation, whichever occurs later. (5) A person may not base any suit on a contract if: (a) the person made or engaged in the performance of the contract in violation of this chapter or any rule or order issued under the authority of this chapter; or (b) the person acquired any purported right under the contract with knowledge of the facts by reason of which the making of the contract or the performance of the contract was a violation of this chapter or any rule or order issued under the authority of this chapter. (6) A condition, stipulation, or provision binding a treasurer acquiring a security to waive compliance with this chapter or a rule made or order issued under authority of this chapter is void. (7) The rights and remedies provided by this section are in addition to any other rights or remedies that may exist at law or in equity.
Utah Code § 51-13-201 — Utah Code / Title 51 / Chapter 51-13 / § 51-13-201
§ 51-13-201. State Sovereignty Fund -- Creation -- Distribution.
Status: in_force

(1) There is created the State Sovereignty Fund which consists of: (a) any reserve account surplus; (b) one-half of any General Fund savings from a decrease in the Federal Medical Assistance Percentages; (c) if the federal government offers an enhanced Federal Medical Assistance Percentage, 12.5% of the resulting state fund savings; (d) any excess revenue collections; (e) interest, dividends, or other earnings attributable to the fund; and (f) additional money appropriated by the Legislature. (2) (a) The division shall deposit into the fund any amounts described in Subsections (1)(a) through (f). (b) The Governor's Office of Planning and Budget, in consultation with the legislative fiscal analyst, shall annually report to the Division of Finance the amounts described in Subsections (1)(b), (c), and (d). (3) The division shall separately track principal deposits into the fund from the General Fund and Income Tax Fund, including earnings on the deposits. (4) In accordance with Section 51-13-202, the state treasurer shall invest the money in the fund for the benefit of the people of the state in perpetuity. (5) The Legislature may not appropriate money from the fund before fiscal year 2075-76. (6) (a) Beginning fiscal year 2075-76, the Legislature may appropriate up to 50% of the annual earnings from the investment of the fund to offset reduced federal funding or to provide state tax relief. (b) After any appropriations under Subsection (6)(a), the division shall deposit any remaining earnings into the fund for investment. (7) The Legislature may appropriate principal from the fund only: (a) by affirmative vote of two-thirds of all members elected of each chamber of the Legislature; and (b) for the purpose of offsetting reduced federal funding or providing state tax relief.
Utah Code § 51-2a-101 — Utah Code / Title 51 / Chapter 51-2a / § 51-2a-101
§ 51-2a-101. Title.
Status: in_force

This chapter is known as the "Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act."
Utah Code § 51-8-102 — Utah Code / Title 51 / Chapter 51-8 / § 51-8-102
§ 51-8-102. Definitions.
Status: in_force

As used in this chapter: (1) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of governmental purposes, and any other purpose the achievement of which is beneficial to the community. (2) (a) "Endowment fund" means an institutional fund, or any part of an institutional fund, not wholly expendable by the institution on a current basis under the terms of a gift instrument. (b) "Endowment fund" does not include assets of an institution designated by the institution as an endowment fund for its own use. (3) "Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund. (4) (a) "Governing board" means the body responsible for the management of an institution or of an institutional fund. (b) "Governing board" means, for a higher education institution, the board of trustees of the higher education institution. (5) "Higher education institution" means the institutions specified in Section 53H-1-102. (6) "Institution" means: (a) a person, other than an individual, organized and operated exclusively for charitable purposes; (b) a government or a governmental subdivision, agency, or instrumentality to the extent that it holds funds exclusively for a charitable purpose; and (c) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated. (7) (a) "Institutional fund" means a fund held by an institution exclusively for charitable purposes. (b) "Institutional fund" does not include: (i) program-related assets; (ii) a fund held for an institution by a trustee that is not an institution; (iii) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund; or (iv) operating funds. (8) "Manager" means either: (a) the state treasurer; or (b) a higher education institution that accepts the responsibility for the management of institutional funds of a different higher education institution. (9) "Operating funds" means money used for the general operation of a higher education institution that is received by the higher education institution from: (a) state appropriations; (b) government contracts; (c) government grants; or (d) tuition and fees collected from students. (10) "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, instrumentality, or any other legal or commercial entity. (11) "Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for appreciation or the production of income. (12) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
Utah Code § 51-7-13 — Utah Code / Title 51 / Chapter 51-7 / § 51-7-13
§ 51-7-13. Funds of member institutions of state system of higher education and public education foundations -- Authorized deposits or investments.
Status: in_force

(1) The provisions of this section apply to all funds of: (a) higher education institutions, other than endowment funds, that are not transferred to the state treasurer under Section 51-7-4; and (b) public education foundations established under Section 53E-3-403. (2) (a) Proceeds of general obligation bond issues and all funds pledged or otherwise dedicated to the payment of interest and principal of general obligation bonds issued by or for the benefit of the institution shall be invested according to the requirements of: (i) Section 51-7-11 and the rules of the council; or (ii) the terms of the borrowing instruments applicable to those bonds and funds if those terms are more restrictive than Section 51-7-11. (b) (i) The public treasurer shall invest the proceeds of bonds other than general obligation bonds issued by or for the benefit of the institution and all funds pledged or otherwise dedicated to the payment of interest and principal of bonds other than general obligation bonds according to the terms of the borrowing instruments applicable to those bonds. (ii) If no provisions governing investment of bond proceeds or pledged or dedicated funds are contained in the borrowing instruments applicable to those bonds or funds, the public treasurer shall comply with the requirements of Section 51-7-11 in investing those proceeds and funds. (c) All other funds in the custody or control of any of those institutions or public education foundations shall be invested as provided in Section 51-7-11 and the rules of the council. (3) (a) Each institution shall make monthly reports detailing the deposit and investment of funds in its custody or control to its institutional council and the Utah Board of Higher Education. (b) The state auditor may conduct or cause to be conducted an annual audit of the investment program of each institution. (c) The Utah Board of Higher Education shall: (i) require whatever internal controls and supervision are necessary to ensure the appropriate safekeeping, investment, and accounting for all funds of these institutions; and (ii) submit annually to the governor and the Legislature a summary report of all investments by institutions under its jurisdiction.
Utah Code § 51-8-304 — Utah Code / Title 51 / Chapter 51-8 / § 51-8-304
§ 51-8-304. Rebuttable presumption of imprudence -- Scope.
Status: in_force

(1) The appropriation for expenditure in any year of an amount greater than seven percent of the fair market value of an endowment fund, calculated on the basis of market values determined at least quarterly and averaged over a period of not less than three years immediately preceding the year in which the appropriation for expenditure was made, creates a rebuttable presumption of imprudence. (2) For an endowment fund in existence for fewer than three years, the fair market value of the endowment fund shall be calculated for the period of time the endowment fund has been in existence. (3) This section does not: (a) apply to an appropriation for expenditure permitted under law other than this chapter or the gift instrument; or (b) create a presumption of prudence for an appropriation for expenditure of an amount less than or equal to seven percent of the fair market value of the endowment fund.
Utah Code § 51-7-16 — Utah Code / Title 51 / Chapter 51-7 / § 51-7-16
§ 51-7-16. State Money Management Council -- Members -- Terms -- Vacancies -- Chair and vice chair-- Executive secretary -- Meetings -- Quorum -- Members' disclosure of interests -- Per diem and expenses.
Status: in_force

(1) (a) There is created a State Money Management Council composed of five members appointed or reappointed by the governor after consultation with the state treasurer and with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies. (b) The members of the council shall be qualified by training and experience in the field of investment or finance as follows: (i) at least one member, but not more than two members, shall be experienced in the banking business; (ii) at least one member, but not more than two members, shall be an elected treasurer; (iii) at least one member, but not more than two members, shall be an appointed public treasurer; and (iv) two members, but not more than two members, shall be experienced in the field of investment. (2) (a) Except as required by Subsection (2)(b), the council members shall be appointed for terms of four years. (b) Notwithstanding the requirements of Subsection (2)(a), the governor shall, at the time of appointment or reappointment, adjust the length of terms to ensure that the terms of council members are staggered so that approximately half of the council is appointed every two years. (c) When a vacancy occurs in the membership for any reason, the governor shall, with the advice and consent of the Senate in accordance with Title 63G, Chapter 24, Part 2, Vacancies, appoint a replacement for the unexpired term. (d) All members shall serve until their successors are appointed and qualified. (3) (a) The council members shall elect a chair and vice chair. (b) The state treasurer shall serve as executive secretary of the council without vote. (4) (a) The council shall meet at least once per quarter at a regular date to be fixed by the council and at other times at the call of the chair, the state treasurer, or any two members of the council. (b) Three members are a quorum for the transaction of business. (c) Actions of the council require a vote of a majority of those present. (d) All meetings of the council and records of its proceedings are open for inspection by the public at the state treasurer's office during regular business hours except for: (i) reports of the commissioner of financial institutions concerning the identity, liquidity, or financial condition of qualified depositories and the amount of public funds each is eligible to hold; and (ii) reports of the director concerning the identity, liquidity, or financial condition of certified dealers. (5) (a) Each member of the council shall file a sworn or written statement with the lieutenant governor that discloses any position or employment or ownership interest that the member has in any financial institution or investment organization. (b) Each member shall file the statement required by this Subsection (5) when the member becomes a member of the council and when substantial changes in the member's position, employment, or ownership interests occur. (c) Each member shall comply with the conflict of interest provisions described in Title 63G, Chapter 24, Part 3, Conflicts of Interest. (6) A member may not receive compensation or benefits for the member's service, but may receive per diem and travel expenses in accordance with: (a) Section 63A-3-106; (b) Section 63A-3-107; and (c) rules made by the Division of Finance pursuant to Sections 63A-3-106 and 63A-3-107.