Utah Code 10-3-1306. Interest in business entity regulated by municipality — Disclosure statement required
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(1) An officer under this part, or a municipal employee, who is an officer, director, agent, or employee or the owner of a substantial interest in a business entity that is subject to the regulation of the municipality in which the officer or municipal employee is elected, appointed, or employed, shall disclose the position held and the nature and value of the officer’s or employee’s interest:
Terms Used In Utah Code 10-3-1306
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 10-3-1303
- City: means a municipality that is classified by population as a city of the first class, a city of the second class, a city of the third class, a city of the fourth class, or a city of the fifth class, under Section
10-2-301 . See Utah Code 10-1-104 - Elected officer: means :(5)(a) an individual elected or appointed to fill a vacancy in the office of mayor, commissioner, or council member; or(5)(b) an individual who is considered to be elected to the office of mayor, commissioner, or council member by a municipal legislative body in accordance with Section
20A-1-206 . See Utah Code 10-3-1303- Governing body: means collectively the legislative body and the executive of any municipality. See Utah Code 10-1-104
- Municipal: means of or relating to a municipality. See Utah Code 10-1-104
- Municipal employee: means an individual who is employed on a full or part-time basis by a municipality or by a community reinvestment agency under Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act. See Utah Code 10-3-1303
- Municipality: means :
(5)(a) a city of the first class, city of the second class, city of the third class, city of the fourth class, city of the fifth class;(5)(b) a town, as classified in Section10-2-301 ; or(5)(c) a preliminary municipality incorporated under Chapter 2a, Part 5, Incorporation of a Preliminary Municipality. See Utah Code 10-1-104- Officer: means an appointed officer or an elected officer. See Utah Code 10-3-1303
- Substantial interest: means the ownership, either legally or equitably, by an individual, the individual's spouse, or the individual's minor children, of at least 10% of the outstanding shares of a corporation or 10% interest in any other business entity. See Utah Code 10-3-1303
- Town: means a municipality classified by population as a town under Section
10-2-301 . See Utah Code 10-1-104(1)(a) upon first becoming appointed, elected, or employed by the municipality; and(1)(b) when the officer’s or municipal employee’s position in the business entity changes significantly or when the value of the officer’s or municipal employee’s interest in the entity significantly increases above the officer’s or municipal employee’s most recent disclosure.(2) An officer or municipal employee shall make the disclosure described in Subsection (1) in a sworn statement filed with:(2)(a) the mayor; and(2)(b) for an officer who is an elected officer, the city recorder or town clerk.(3) The mayor shall:(3)(a) report the substance of the sworn statement described in Subsection (2) to the members of the governing body; or(3)(b) provide a copy of the sworn statement to the members of the governing body no later than 30 days after the date on which the mayor receives the statement.(4) The municipal recorder or town clerk who receives the sworn statement described in Subsection (2) shall:(4)(a) post a copy of the sworn statement on the municipality’s website; and(4)(b) ensure that the sworn statement remains posted on the municipality’s website until the elected officer leaves office.(5)(5)(a) This section does not apply to an instance where the value of the interest does not exceed $$5,000.(5)(b) A life insurance policy or an annuity may not be considered in determining the value of the interest.