reglab/housing_qa huggingface dataset:
UT Code § 51-8-301 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 3 - Management of Endowment Funds|Section 301 - Appropriation for expenditure or accumulation of endowment fund.

 Effective 5/12/2015  51-8-301. Appropriation for expenditure or accumulation of endowment fund.    (1)   (a) Subject to the intent of a donor expressed in a gift instrument and to Subsection (3), an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines to be prudent for the uses, benefits, purposes, and duration for which the endowment fund is established.     (b) Unless stated otherwise in a gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution.     (c) In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:   (i) the duration and preservation of the endowment fund;     (ii) the purposes of the institution and the endowment fund;     (iii) general economic conditions;     (iv) the possible effect of inflation or deflation;     (v) the expected total return from income and the appreciation of investments;     (vi) other resources of the institution; and     (vii) the investment policy of the institution.         (2) To limit the authority to appropriate for expenditure or accumulate under Subsection (1), a gift instrument must specifically state the limitation.     (3) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or similar words:   (a) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and     (b) do not otherwise limit the authority to appropriate for expenditure or accumulate under Subsection (1).      Amended by Chapter 258, 2015 General Session
UT Code § 51-8-302 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 3 - Management of Endowment Funds|Section 302 - Transferring management of endowment funds.

51-8-302. Transferring management of endowment funds.    (1) A higher education institution may only transfer the management of any institutional fund to a manager if the transferring higher education institution:   (a) retains sufficient funds to cover its cash requirements; and     (b) continues to be responsible for the proper collection, deposit, and disbursement of the institutional fund in the manner provided by law.       (2) The institutional funds transferred as provided in this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the manager until the transferring higher education institution withdraws these institutional funds from the manager.     (3) A higher education institution may withdraw all or any part of the institutional funds transferred to the manager, subject to any rules established by the manager governing notice or limits on the amount of institutional funds that may be withdrawn.    Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-304 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 3 - Management of Endowment Funds|Section 304 - Rebuttable presumption of imprudence -- Scope.

51-8-304. Rebuttable presumption of imprudence -- Scope.    (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.      Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-401 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 4 - Delegation of Certain Fund Management and Investment Functions|Section 401 - Delegating management and investment functions.

51-8-401. Delegating management and investment functions.    (1)   (a) Subject to any specific limitation set forth in a gift instrument or in law other than this chapter, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances.     (b) An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:   (i) selecting an agent;     (ii) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and     (iii) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.         (2) In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.     (3) An institution that complies with Subsection (1) is not liable for the decisions or actions of an agent to which the function was delegated.     (4) By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.     (5) An institution may delegate management and investment functions to its committees, officers, or employees as authorized by law other than this chapter.    Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-501 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 5 - Release or Modification of Restrictions on Management, Investment, or Purpose|Section 501 - Process to release or modify restrictions on management, investment, or purpose.

51-8-501. Process to release or modify restrictions on management, investment, or purpose.    (1)   (a) With the donor's consent in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund.     (b) A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.       (2)   (a) If a restriction contained in a gift instrument on the management or investment of an institutional fund becomes impracticable or wasteful or impairs the management or investment of the fund, or if because of circumstances not anticipated by the donor a modification of a restriction will further the purposes of the fund, the court, upon application of the institution, may modify the restriction.     (b) The institution shall notify the attorney general, who must be given an opportunity to be heard.     (c) To the extent practicable, any modification must be made in accordance with the donor's probable intention.       (3)   (a) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument.     (b) The institution shall notify the attorney general, who must be given an opportunity to be heard.       (4) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, 60 days after notification to the attorney general, may release or modify the restriction, in whole or part, if:   (a) the institutional fund subject to the restriction has a total value of less than $25,000;     (b) more than 20 years have elapsed since the fund was established; and     (c) the institution uses the property in a manner the institution reasonably determines to be consistent with the charitable purposes expressed in the gift instrument.      Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-601 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 6 - Standards and Implementation of this Chapter|Section 601 - Reviewing compliance.

51-8-601. Reviewing compliance.  Compliance with this chapter is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.  Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-602 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 6 - Standards and Implementation of this Chapter|Section 602 - Application to existing institutional funds.

51-8-602. Application to existing institutional funds.    (1) This chapter applies to institutional funds existing on or established after April 30, 2007.     (2) As applied to institutional funds existing on April 30, 2007, this chapter governs only decisions made or actions taken after that date.    Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-603 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 6 - Standards and Implementation of this Chapter|Section 603 - Relation to Electronic Signatures in Global and National Commerce Act.

51-8-603. Relation to Electronic Signatures in Global and National Commerce Act.  This chapter modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b).  Enacted by Chapter 59, 2007 General Session
UT Code § 51-8-604 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 8 - Uniform Prudent Management of Institutional Funds Act|Part 6 - Standards and Implementation of this Chapter|Section 604 - Uniformity of application and construction.

51-8-604. Uniformity of application and construction.  In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.  Enacted by Chapter 59, 2007 General Session
UT Code § 51-9-101 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 1 - General Provisions|Section 101 - Title.

51-9-101. Title.  This chapter is known as the "Funds and Accounts Act."  Enacted by Chapter 382, 2008 General Session
UT Code § 51-9-201 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 2 - Tobacco Settlement Funds and Endowment|Section 201 - Creation of Tobacco Settlement Restricted Account.

 Effective 7/1/2020  51-9-201. Creation of Tobacco Settlement Restricted Account.    (1) There is created within the General Fund a restricted account known as the "Tobacco Settlement Restricted Account."     (2) The account shall earn interest.     (3) The account shall consist of:   (a) on and after July 1, 2007, 60% of all funds of every kind that are received by the state that are related to the settlement agreement that the state entered into with leading tobacco manufacturers on November 23, 1998; and     (b) interest earned on the account.       (4) To the extent that funds will be available for appropriation in a given fiscal year, those funds shall be appropriated from the account in the following order:   (a) $66,600 to the Office of the Attorney General for ongoing enforcement and defense of the Tobacco Settlement Agreement;     (b) $18,500 to the State Tax Commission for ongoing enforcement of business compliance with the Tobacco Tax Settlement Agreement;     (c) $11,022,900 to the Department of Health for:   (i) children in the Medicaid program created in Title 26, Chapter 18, Medical Assistance Act, and the Children's Health Insurance Program created in Section 26-40-103; and     (ii) for restoration of dental benefits in the Children's Health Insurance Program;       (d) $3,277,100 to the Department of Health for alcohol, tobacco, and other drug prevention, reduction, cessation, and control programs that promote unified messages and make use of media outlets, including radio, newspaper, billboards, and television, and with a preference in funding given to tobacco-related programs;     (e) $193,700 to the Administrative Office of the Courts and $2,325,400 to the Department of Human Services for the statewide expansion of the drug court program;     (f) $4,000,000 to the Utah Board of Higher Education for the University of Utah Health Sciences Center to benefit the health and well-being of Utah citizens through in-state research, treatment, and educational activities; and     (g) any remaining funds as directed by the Legislature through appropriation.      Amended by Chapter 20, 2020 Special Session 5
UT Code § 51-9-301 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 3 - Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act|Section 301 - Title.

 Effective 5/5/2021  51-9-301. Title.  This part is known as the "Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act." Amended by Chapter 401, 2021 General Session
UT Code § 51-9-302 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 3 - Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act|Section 302 - Definitions.

51-9-302. Definitions.  As used in this part:  (1) "Infrastructure and Economic Diversification Investment Account" means the Infrastructure and Economic Diversification Investment Account created in Section 51-9-303.     (2) "Permanent state trust fund" means the permanent state trust fund created under Utah Constitution Article XXII, Section 4.    Amended by Chapter 219, 2010 General Session
UT Code § 51-9-303 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 3 - Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act|Section 303 - Creation of Infrastructure and Economic Diversification Investment Account.

 Effective 5/10/2016  51-9-303. Creation of Infrastructure and Economic Diversification Investment Account.    (1)   (a) There is created a restricted account within the General Fund known as the "Infrastructure and Economic Diversification Investment Account."     (b) The Infrastructure and Economic Diversification Investment Account shall consist of:   (i) all money credited to the account under Section 51-9-305;     (ii) appropriations from the Legislature; and     (iii) grants from private foundations.         (2)   (a) The state treasurer shall invest money in the account according to Title 51, Chapter 7, State Money Management Act.     (b) The Division of Finance shall deposit interest or other earnings derived from investment of account money into the General Fund.       (3) The Legislature may appropriate money from the Infrastructure and Economic Diversification Investment Account for:   (a) infrastructure and economic diversification investment projects; and     (b) research projects that support economic and capital development within areas of the state that produced the severance tax revenues.       (4) At least 25% of the money appropriated in accordance with Subsection (3) shall be used for the following projects within areas of the state that produced the severance tax revenues:   (a) capital and infrastructure development;     (b) economic diversification investment; and     (c) research to support Subsections (4)(a) and (b).      Amended by Chapter 128, 2016 General Session
UT Code § 51-9-305 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 3 - Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act|Section 305 - Deposit and credit of certain severance tax revenue.

 Effective 5/13/2014  51-9-305. Deposit and credit of certain severance tax revenue.    (1) As used in this section, "aggregate annual revenue" means the aggregate annual revenue collected in a fiscal year from the taxes imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, after subtracting the amounts required to be distributed under Sections 59-5-116 and 59-5-119.     (2) After making the deposits of oil and gas severance tax revenue as required under Sections 59-5-116 and 59-5-119, the Division of Finance shall make the credit required under Subsection (3).     (3) Beginning on July 1, 2016, the Division of Finance shall credit to the permanent state trust fund the following aggregate annual revenue:   (a) 25% of the first $50,000,000 of aggregate annual revenue;     (b) 50% of the next $50,000,000 of aggregate annual revenue; and     (c) 75% of the aggregate annual revenue that exceeds $100,000,000.       (4) The state treasurer shall invest and separately account for the earnings on funds that are credited to the permanent state trust fund under this section.     (5)   (a) In accordance with Utah Constitution Article XXII, Section 4, the interest and dividends earned annually on revenue from severance taxes that are credited to the permanent state trust fund shall be credited to the General Fund.     (b) Interest and dividends earned on revenue from severance taxes that are credited to the General Fund pursuant to Subsection (5)(a) shall be credited to the Infrastructure and Economic Diversification Investment Account created in Section 51-9-303.      Amended by Chapter 241, 2014 General Session
UT Code § 51-9-307 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 3 - Infrastructure and Economic Diversification Investment Account and Deposit or Credit of Certain Severance Taxes Act|Section 307 - New Severance Tax Revenue Special Revenue Fund.

 Effective 5/5/2021  51-9-307. New Severance Tax Revenue Special Revenue Fund.    (1) As used in this section:   (a) "Fund" means the New Severance Tax Revenue Special Revenue Fund created in this section.     (b) "New revenue" means revenue collected above $100,000,000 from the taxes imposed under Title 59, Chapter 5, Severance Tax on Oil, Gas, and Mining, after subtracting the amounts required to be distributed under Sections 51-9-305, 51-9-306, 59-5-116, and 59-5-119.       (2) There is created a special revenue fund known as the "New Severance Tax Revenue Special Revenue Fund" that consists of:   (a) money deposited by the State Tax Commission in accordance with this section; and     (b) interest earned on the money in the fund.       (3) Beginning July 1, 2021, the State Tax Commission shall deposit into the fund 100% of new revenue until the new revenue equals or exceeds $200,000,000 in a fiscal year.    Enacted by Chapter 401, 2021 General Session
UT Code § 51-9-401 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 9 - Funds and Accounts Act|Part 4 - Criminal Conviction Surcharge Allocation|Section 401 - Surcharge -- Application.

 Effective 9/1/2021  51-9-401. Surcharge -- Application.    (1)   (a) A surcharge shall be paid on all criminal fines, penalties, and forfeitures imposed by the courts.     (b) The surcharge shall be:   (i) 90% upon conviction of a:   (A) felony;     (B) class A misdemeanor;     (C) violation of Title 41, Chapter 6a, Part 5, Driving Under the Influence and Reckless Driving; or     (D) class B misdemeanor not classified within Title 41, Motor Vehicles, including violation of comparable county or municipal ordinances; or       (ii) 35% upon conviction of any other offense, including violation of county or municipal ordinances not subject to the 90% surcharge.       (c) The Division of Finance shall deposit into the General Fund an amount equal to the amount that the state retains under Section 80-6-304.       (2) The surcharge may not be imposed:   (a) upon nonmoving traffic violations;     (b) upon court orders when the offender is ordered to perform compensatory service work in lieu of paying a fine; and     (c) upon penalties assessed by the juvenile court as part of the nonjudicial adjustment of a case under Section 78A-6-602.       (3)   (a) The surcharge and the exceptions under Subsections (1) and (2) apply to all fines, penalties, and forfeitures imposed on juveniles for conduct that would be criminal if committed by an adult.     (b) Notwithstanding Subsection (3)(a), the surcharge does not include amounts assessed or collected separately by juvenile courts for the Juvenile Restitution Account, which is independent of this part and does not affect the imposition or collection of the surcharge.       (4) The surcharge under this section shall be imposed in addition to the fine charged for a civil or criminal offense, and no reduction may be made in the fine charged due to the surcharge imposition.     (5) Fees, assessments, and surcharges related to criminal or traffic offenses shall be authorized and managed by this part rather than attached to particular offenses.    Amended by Chapter 262, 2021 General Session