reglab/housing_qa huggingface dataset:
UT Code § 51-7-2 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 2 - Exemptions from chapter.

 Effective 5/5/2021  51-7-2. Exemptions from chapter.  The following funds are exempt from this chapter:  (1) funds invested in accordance with the participating employees' designation or direction pursuant to a public employees' deferred compensation plan established and operated in compliance with Section 457 of the Internal Revenue Code of 1986, as amended;     (2) funds of the Utah State Retirement Board;     (3) funds of the Utah Housing Corporation;     (4) endowment funds of higher education institutions;     (5) permanent and other land grant trust funds established pursuant to the Utah Enabling Act and the Utah Constitution;     (6) the State Post-Retirement Benefits Trust Fund;     (7) the funds of the Utah Educational Savings Plan;     (8) funds of the permanent state trust fund created by and operated under Utah Constitution, Article XXII, Section 4;     (9) the funds in the Navajo Trust Fund;     (10) the funds in the Radioactive Waste Perpetual Care and Maintenance Account;     (11) the funds in the Employers' Reinsurance Fund;     (12) the funds in the Uninsured Employers' Fund;     (13) the Utah State Developmental Center Long-Term Sustainability Fund, created in Section 62A-5-206.7; and     (14) the funds in the Risk Management Fund created in Section 63A-4-201.    Amended by Chapter 33, 2021 General Session
UT Code § 51-7-3.5 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 3.5 - State fiscal year.

51-7-3.5. State fiscal year.  The fiscal year of the state of Utah shall commence on the first day of July of each year.  Renumbered and Amended by Chapter 382, 2008 General Session
UT Code § 51-7-4 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 4 - Transfer of functions, powers, and duties relating to public funds to state treasurer -- Exceptions -- Deposit of income from investment of state money.

 Effective 7/1/2020  51-7-4. Transfer of functions, powers, and duties relating to public funds to state treasurer -- Exceptions -- Deposit of income from investment of state money.    (1) Unless otherwise required by the Utah Constitution or applicable federal law, the functions, powers, and duties vested by law in each state officer, board, commission, institution, department, division, agency, or other similar instrumentality relating to the deposit, investment, or reinvestment of public funds, and the purchase, sale, or exchange of investments or securities of, or for, funds or accounts under the control and management of each of these instrumentalities, are transferred to and shall be exercised by the state treasurer, except:   (a) funds assigned to the Utah State Retirement Board for investment under Section 49-11-302;     (b) funds of member institutions of the state system of higher education:   (i) acquired by gift, devise, or bequest, or by federal or private contract or grant;     (ii) derived from student fees or from income from operations of auxiliary enterprises, which fees and income are pledged or otherwise dedicated to the payment of interest and principal of bonds issued by an institution of higher education;     (iii) subject to rules made by the council, under Section 51-7-18, deposited in a foreign depository institution as defined in Section 7-1-103; and     (iv) other funds that are not included in the institution's work program as approved by the Utah Board of Higher Education;       (c) inmate funds as provided in Section 64-13-23 or in Title 64, Chapter 9b, Work Programs for Prisoners;     (d) trust funds established by judicial order;     (e) funds of the Utah Housing Corporation;     (f) endowment funds of higher education institutions; and     (g) the funds of the Utah Educational Savings Plan.       (2) All public funds held or administered by the state or its boards, commissions, institutions, departments, divisions, agencies, or similar instrumentalities and not transferred to the state treasurer as provided by this section shall be:   (a) deposited and invested by the custodian in accordance with this chapter, unless otherwise required by statute or by applicable federal law; and     (b) reported to the state treasurer in a form prescribed by the state treasurer.       (3) Unless otherwise provided by the constitution or laws of this state or by contractual obligation, the income derived from the investment of state money by the state treasurer shall be deposited into and become part of the General Fund.    Amended by Chapter 365, 2020 General Session
UT Code § 51-7-5 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 5 - Transfer of public funds not otherwise required to be transferred to state treasurer -- Duties of public treasurers -- Withdrawals of transferred funds.

51-7-5. Transfer of public funds not otherwise required to be transferred to state treasurer -- Duties of public treasurers -- Withdrawals of transferred funds.  Any public funds as to which the deposit, investment, or reinvestment is not transferred to the state treasurer by Section 51-7-4, may be transferred to the state treasurer by the public treasurer having responsibility for the control or management of these public funds. Notwithstanding the transfer, the public treasurer shall retain sufficient funds to cover the cash requirements of the body owning or having control or management of these funds and shall continue to be responsible for the proper collection, deposit, and disbursement of these funds in the manner provided by law. The public funds transferred or placed under the control or supervision of the state treasurer under this section are subject to all applicable provisions of this chapter and are under the jurisdiction of the state treasurer until the public treasurer withdraws these public funds from the state treasurer. Withdrawals may be made from time to time on such reasonable notice as the state treasurer may prescribe. The public treasurer may withdraw all or any part of the public funds originally transferred to the state treasurer, subject to any rules as to the maximum amounts which may be withdrawn at any one time as the state treasurer may reasonably prescribe.  Amended by Chapter 44, 1984 General Session
UT Code § 51-7-6 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 6 - Calculation of shares of participating funds -- Allocations of income to participating funds.

51-7-6. Calculation of shares of participating funds -- Allocations of income to participating funds.    (1) The share of public funds of each participating public treasurer who has transferred public funds to the state treasurer for investment under Section 51-7-5, including trust funds invested by the state treasurer under this chapter, shall be calculated not less than quarterly.     (2) Income from investment of these public funds by the state treasurer, including gains or losses from the sale or exchange of investments or other properties, and net of investment fees and other charges assessed according to the schedule established by the state treasurer, shall be allocated to each participating fund on the ratio of each fund's share to the total public funds in the custody of the state treasurer determined on the basis of the average daily balance of each fund.    Amended by Chapter 66, 1989 General Session
UT Code § 51-7-7 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 7 - Securities and evidence of deposits and investments -- Custody -- Deposit for safekeeping.

51-7-7. Securities and evidence of deposits and investments -- Custody -- Deposit for safekeeping.    (1)   (a)   (i) The public treasurer shall have custody of all securities purchased or held and all evidence of deposits and investments of public funds.     (ii) All securities shall be delivered versus payment to the public treasurer or to the treasurer's safekeeping bank.       (b) The public treasurer may deposit any of these securities with a bank or trust company to be held in safekeeping by that custodian.     (c) The provisions of this section do not apply to securities acquired under a nonqualifying repurchase agreement as defined in Section 51-7-3.     (d) The provisions of this section apply to any book-entry-only deposit or security the ownership records of which are maintained with a securities depository, in the Federal Book Entry system authorized by the U.S. Department of Treasury, or in the book-entry records of the issuer, as follows:   (i) the direct ownership of the deposit or security by the public treasurer shall be reflected in the book-entry records and represented by a receipt, confirmation, or statement issued to the public treasurer by the custodian of the book-entry system; or     (ii) the ownership of the deposit or security by the public treasurer's custodial bank or trust company shall be reflected in the book-entry records and the public treasurer's ownership shall be represented by a receipt, confirmation, or statement issued by the custodial bank or trust company.         (2) The public treasurer may maintain accounts with money center banks only for the purposes of settling investment transactions, safekeeping, and collecting those investments.    Amended by Chapter 388, 2013 General Session
UT Code § 51-7-8 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 8 - Separate accounts for funds -- Credit of allocated shares of income and gains or losses.

51-7-8. Separate accounts for funds -- Credit of allocated shares of income and gains or losses.  The state treasurer shall keep for each fund for which investments are made, a separate account, to be designated by name and number, which shall record the individual amounts and the totals of all investments belonging to the fund, and shall credit to each fund not less often than quarterly its allocated share of the income from the investments of pooled funds, and gains or losses from the sale or exchange of pooled investment assets.  Amended by Chapter 44, 1984 General Session
UT Code § 51-7-9 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 9 - Quarterly reports by state treasurer -- Audit of accounts of state treasurer -- Report of audit -- Employment of investment staff and services.

51-7-9. Quarterly reports by state treasurer -- Audit of accounts of state treasurer -- Report of audit -- Employment of investment staff and services.  The state treasurer shall report not less often than quarterly to each participating state officer, board, commission, institution, department, division, agency, or other similar instrumentality, or political subdivision, the activities, investments, and performance of his office during the preceding period. The accounts of the state treasurer shall be audited annually under the direction of the state auditor. The report of this audit shall be open for inspection by the public in the offices of the state auditor and the state treasurer and a copy of it shall be submitted to the legislature through the Office of the Legislative Fiscal Analyst. The state treasurer is authorized, within the limits of available appropriations, to employ such investment staff and secure such financial, investment, and other technical services he considers necessary to properly carry out his responsibilities under this chapter.  Amended by Chapter 44, 1984 General Session
UT Code § 51-7-11.5 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 11.5 - Certified investment advisers -- Scope of and limits to authority.

 Effective 5/9/2017  51-7-11.5. Certified investment advisers -- Scope of and limits to authority.    (1) A certified investment adviser may not make any investments that are inconsistent with this chapter or rules of the council.     (2) Except as provided in Subsection (3), a certified investment adviser acting on behalf of a public treasurer shall conduct investment transactions only through qualified depositories, certified dealers, or directly with issuers of the investment securities.     (3) Subject to rules of the council, a certified investment adviser may use the adviser's own approved list of brokers and dealers.    Amended by Chapter 338, 2017 General Session
UT Code § 51-7-12.2 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 12.2 - Definitions -- Local government other post-employment benefits trust fund -- Investments -- State treasurer duties.

51-7-12.2. Definitions -- Local government other post-employment benefits trust fund -- Investments -- State treasurer duties.    (1) As used in this section:   (a) "Local Government OPEB Trust Fund" or "Local Government Other Post-Employment Benefits Trust Fund" means money set aside by a local government to fund future payments of benefits, other than pensions, to a former employee who is qualified for the benefits.     (b) "Local Government OPEB Trust Fund" does not include money for deposit in the Utah State Retirement Investment Fund created under Section 49-11-301, or money for deposit in the Post-Retirement Benefits Trust Fund created under Section 67-19d-201.       (2) All local government OPEB trust fund money in the custody of a local government treasurer shall be established in a separate trust fund in accordance with standards established by the Governmental Accounting Standards Board.     (3) Money in a local government OPEB trust fund may be deposited or invested only in the following assets that meet the criteria of Section 51-7-17:   (a) a deposit or investment authorized under Section 51-7-11;     (b) indexed funds of an open-end diversified management investment company established under the Investment Companies Act of 1940; or     (c) indexed funds that are administered by the state treasurer in accordance with Subsection (4).       (4) The state treasurer may:   (a) develop and offer a variety of asset allocation options for money in a local government OPEB trust fund;     (b) review for efficiency, the asset allocation options offered under Subsection (4)(a) as needed; and     (c) charge an administrative fee of not more than .005 percent per month of the assets managed for cost incurred in the management of funds within an asset allocation option.      Enacted by Chapter 207, 2007 General Session
UT Code § 51-7-13 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 13 - Funds of member institutions of state system of higher education and public education foundations -- Authorized deposits or investments.

 Effective 7/1/2020  51-7-13. Funds of member institutions of state system of higher education and public education foundations -- Authorized deposits or investments.    (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.        Amended by Chapter 365, 2020 General Session
UT Code § 51-7-14 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 14 - Prudent man rule for management of investments -- Sale of security or investment for less than cost.

51-7-14. Prudent man rule for management of investments -- Sale of security or investment for less than cost.    (1) Persons selecting investments authorized by Sections 51-7-11 and 51-7-13 shall:   (a) exercise that degree of judgment and care, under the circumstances prevailing at the time the investment is selected, that persons of prudence, discretion, and intelligence exercise in the management of their own affairs;     (b) select investments not for speculation but for investment;     (c) consider:   (i) the probable safety of the capital;     (ii) the probable benefits to be derived;     (iii) the probable duration for which that investment may be made;     (iv) the investment objectives specified in Section 51-7-17; and     (v) the investment portfolio as a whole.         (2) A public treasurer may sell or otherwise dispose of, at less than cost, any security or investment in which public funds under his jurisdiction have been invested if that sale or other disposition tends to maximize the benefits that may be derived from the changed investment.    Amended by Chapter 277, 2006 General Session
UT Code § 51-7-15 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 15 - Bonds of state treasurer and other public treasurers -- Reports to council.

 Effective 5/14/2019  51-7-15. Bonds of state treasurer and other public treasurers -- Reports to council.    (1)   (a) The state treasurer, county, city, and town treasurers, the clerk or treasurer of each school district, and other public treasurers that the council designates by rule shall be bonded or may procure crime or theft insurance as described in Section 17-16-11 in an amount of not less than that established by the council.     (b) The council shall base the minimum bond amount or crime or theft insurance as described in Section 17-16-11 on the amount of public funds normally in the treasurer's possession or control.       (2)   (a) When a public treasurer deposits or invests public funds as authorized by this chapter, the public treasurer and the public treasurer's bondsmen or insurers are not liable for any loss of public funds invested or deposited unless the loss is caused by the malfeasance of the public treasurer or a member of the public treasurer's staff.     (b) A public treasurer and the public treasurer's bondsmen or insurers are liable for a loss for any reason from deposits or investments not made in conformity with this chapter and the rules of the council.       (3)   (a) A public treasurer shall file a written report with the council on or before January 31 and July 31 of each year.     (b) The report shall contain:   (i) the information about the deposits and investments of that public treasurer during the preceding six months ending December 31 and June 30, respectively, that the council requires by rule; and     (ii) information detailing the nature and extent of interest rate contracts permitted by Subsection 51-7-17(3).       (c) A public treasurer shall make copies of the report available to the public at the public treasurer's office during normal business hours.      Amended by Chapter 56, 2019 General Session
UT Code § 51-7-18 (2021)
2021 Utah Code|Title 51 - Public Funds and Accounts|Chapter 7 - State Money Management Act|Section 18 - Duties of council.

51-7-18. Duties of council.    (1) The council shall:   (a) advise the state treasurer and other public treasurers about investment policies;     (b) cooperate with the commissioner of financial institutions by promoting measures and rules that will assist in strengthening the banking and credit structure of the state;     (c) at least annually, review the rules adopted under the authority of this chapter that relate to the deposit and investment of public funds;     (d) at least annually, distribute the rules and amendments to rules adopted under the authority of this chapter that relate to the deposit and investment of public funds to all public treasurers; and     (e) provide, at least semiannually, a list of certified dealers that meet criteria established by this chapter and council rules.       (2) The council may:   (a) recommend proposed changes in statutes governing the deposit and investment of public funds to the Legislature;     (b) make rules governing:   (i) the financial reporting requirements of qualified depositories in which public funds may be deposited;     (ii) the conditions and procedures for maintaining and revoking a financial institution's designation as a qualified depository;     (iii) the definition of depository capital;     (iv) the conditions for maintaining deposits at a permitted depository;     (v) the conditions and procedures for maintaining and revoking a primary reporting dealer's or a broker dealer's designation as a certified dealer;     (vi) certified investment advisers who deal with public treasurers, including establishing standards and requirements for the use, qualification, and regulation of certified investment advisers;     (vii) the conditions and procedures for maintaining and revoking a federal covered adviser's or an investment adviser's designation as a certified investment adviser;     (viii) the conditions and procedures by which public treasurers may deposit and invest public funds;     (ix) quality criteria for corporate obligations;     (x) the conditions and procedures by which public entities may use interest rate contracts authorized by Subsection 51-7-17(3); and     (xi) other rules necessary to carry out its functions, powers, duties, and responsibilities under this chapter.         (3) The council may not make rules requiring a qualified depository to pledge or deposit any of its assets in order to secure a deposit of public funds, except that public deposits in excess of the maximum amount shall be collateralized as provided in Subsections 51-7-18.1(5)(b) and (6).     (4) Subject to legislative funding, the state treasurer shall supply qualified staff to the council.     (5) If any rule or act of the council would constitute an infringement upon the state treasurer's constitutional duties and powers to have custody of and invest public money, the conflicting rule or act is advisory and not mandatory.    Amended by Chapter 248, 2004 General Session