Utah Code 51-10-202. Board of trustees of the fund — Trust administrator
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(1)
Terms Used In Utah Code 51-10-202
- Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
- Board: means the board of trustees created in Section 51-10-202. See Utah Code 51-10-102
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- Fund: means the Navajo Trust Fund created in Section 51-10-201. See Utah Code 51-10-102
- Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Quorum: The number of legislators that must be present to do business.
- 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
- Trust administrator: means the trust administrator selected as provided in Subsection 51-10-202(2). See Utah Code 51-10-102
- Trustee: A person or institution holding and administering property in trust.
(1)(a) There is created a board of trustees of the fund composed of the following three members:(1)(a)(i) the state treasurer;(1)(a)(ii) the director of the Division of Finance; and(1)(a)(iii) the director of the Governor’s Office of Planning and Budget or the director’s designee.(1)(b) The state treasurer is chair of the board.(1)(c) Three members of the board is a quorum.
(2)
(2)(a) The board shall:
(2)(a)(i) contract with a person to act as trust administrator in accordance with Title 63G, Chapter 6a, Utah Procurement Code, and when not provided for by this chapter, define the trust administrator‘s duties; or
(2)(a)(ii) if unable to find a qualified person under Subsection (2)(a)(i) to act as trust administrator for a reasonable cost, hire a qualified person to act as trust administrator and, when not provided for in this chapter, define the trust administrator’s duties.
(2)(b) If the board hires a trust administrator under Subsection (2)(a)(ii), the board may hire or authorize the trust administrator to hire other persons necessary to assist the trust administrator and the board to perform the duties required by this chapter.
(3) The board shall:
(3)(a) on behalf of the state, act as trustee of the fund and exercise the state’s fiduciary responsibilities;
(3)(b) meet at least once every other month;
(3)(c) review and approve the policies, projections, rules, criteria, procedures, forms, standards, and performance goals established by the trust administrator;
(3)(d) review and approve the fund budget prepared by the trust administrator;
(3)(e) review the progress reports from programs financed by the fund;
(3)(f) review financial records of the fund, including fund receipts, expenditures, and investments; and
(3)(g) do any other thing necessary to perform the state’s fiduciary obligations under the fund.
(4) The attorney general shall:
(4)(a) act as legal counsel and provide legal representation to the board; and
(4)(b) attend or direct an attorney from the attorney general’s office to attend each meeting of the board.
(5) The board may consult with knowledgeable state personnel to advise the board on policy and technical matters.