Utah Code 51-7-23. Transition of investments previously authorized
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(1) Any investment held by a public treasurer that as of June 30, 2015, is not in compliance with the provisions of this chapter is subject to review by the council.
Terms Used In Utah Code 51-7-23
- Council: means the State Money Management Council created by Section
51-7-16 . See Utah Code 51-7-3 - Public treasurer: includes the state treasurer and the official of any state board, commission, institution, department, division, agency, or other similar instrumentality, or of any county, city, school district, charter school, political subdivision, or other public body who has the responsibility for the safekeeping and investment of any public funds. See Utah Code 51-7-3
(2)
(2)(a) No later than July 31, 2015, a public treasurer who holds an investment described in Subsection (1) shall provide the council a written report that outlines a reasonable plan to bring the investment into compliance.
(2)(b) A plan described in Subsection (2)(a) is subject to annual review by the council.
(2)(c) The council may authorize, with substantial justification, an exception to the five-year maturity requirements of Section 51-7-11.