Utah Constitution Article XXII Section 4 – State trust fund — Principal to be held in perpetuity — Use of income
(1) There is established a permanent state trust fund consisting of:
Terms Used In Utah Constitution Article XXII Section 4 - State trust fund -- Principal to be held in perpetuity -- Use of income
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bequest: Property gifted by will.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Statute: A law passed by a legislature.
(1)(a) as provided by statute or appropriation, funds that the state receives relating to the November 1998 settlement agreement with leading tobacco manufacturers;
(1)(b) money or other assets given to the fund under any provision of law;
(1)(c) severance tax revenue, as provided in Article XIII, § 5, Subsection (9); and
(1)(d) other funds and assets that the trust fund receives by bequest or private donation.
(2) Except as provided in Subsection (4), the state treasurer shall, as provided by statute, hold all trust funds and assets in trust and invest them for the benefit of the people of the state in perpetuity.
(3) The income from the state trust fund shall be deposited into the General Fund.
(4) With the concurrence of the governor and three-fourths of each house of the Legislature, funds or assets in the trust fund may be removed from the fund for deposit into the General Fund.