Utah Code 51-12-201. Investment opportunities
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(1) A qualified depository may request the state treasurer to make a deposit in the qualified depository if the qualified depository:
Terms Used In Utah Code 51-12-201
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fiduciary: A trustee, executor, or administrator.
- Fund: means the Transportation Infrastructure General Fund Support Subfund created in Section
72-2-134 . See Utah Code 51-12-101 - Qualified depository: means the same as that term is defined in Section
51-7-3 . See Utah Code 51-12-101 - Qualified project: includes infrastructure within the housing development project. See Utah Code 51-12-101
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) has identified and approved for financing a qualified project; and
(1)(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:
(2)(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;
(2)(b) in an amount that is equal to the lesser of:
(2)(b)(i) the deposit amount requested;
(2)(b)(ii) $60,000,000; or
(2)(b)(iii) 50% of the qualified depository’s maximum amount of public deposits determined in accordance with Section 51-7-18.1 ; and
(2)(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, 2025.
(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.