Utah Code 51-7-4. Transfer of functions, powers, and duties relating to public funds to state treasurer — Exceptions — Deposit of income from investment of state money
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(1) Unless otherwise required by the Utah Constitution or applicable federal law, the functions, powers, and duties vested by law in each state officer, board, commission, institution, department, division, agency, or other similar instrumentality relating to the deposit, investment, or reinvestment of public funds, and the purchase, sale, or exchange of investments or securities of, or for, funds or accounts under the control and management of each of these instrumentalities, are transferred to and shall be exercised by the state treasurer, except:
Terms Used In Utah Code 51-7-4
- Bequest: Property gifted by will.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Council: means the State Money Management Council created by Section
51-7-16 . See Utah Code 51-7-3 - Devise: To gift property by will.
- Endowment funds: means gifts, devises, or bequests of property of any kind donated to a higher education institution from any source. See Utah Code 51-7-3
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public funds: means money, funds, and accounts, regardless of the source from which the money, funds, and accounts are derived, that are owned, held, or administered by the state or any of its boards, commissions, institutions, departments, divisions, agencies, bureaus, laboratories, or other similar instrumentalities, or any county, city, school district, political subdivision, or other public body. See Utah Code 51-7-3
- 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
- Statute: A law passed by a legislature.
(1)(a) funds assigned to the Utah State Retirement Board for investment under Section 49-11-302;
(1)(b) funds of member institutions of the state system of higher education:
(1)(b)(i) acquired by gift, devise, or bequest, or by federal or private contract or grant;
(1)(b)(ii) derived from student fees or from income from operations of auxiliary enterprises, which fees and income are pledged or otherwise dedicated to the payment of interest and principal of bonds issued by an institution of higher education;
(1)(b)(iii) subject to rules made by the council, under Section 51-7-18, deposited in a foreign depository institution as defined in Section 7-1-103; and
(1)(b)(iv) other funds that are not included in the institution’s work program as approved by the Utah Board of Higher Education;
(1)(c) inmate funds as provided in Section 64-13-23 or in Title 64, Chapter 9b, Work Programs for Prisoners;
(1)(d) trust funds established by judicial order;
(1)(e) funds of the Utah Housing Corporation;
(1)(f) endowment funds of higher education institutions; and
(1)(g) the funds of the Utah Educational Savings Plan.
(2) All public funds held or administered by the state or its boards, commissions, institutions, departments, divisions, agencies, or similar instrumentalities and not transferred to the state treasurer as provided by this section shall be:
(2)(a) deposited and invested by the custodian in accordance with this chapter, unless otherwise required by statute or by applicable federal law; and
(2)(b) reported to the state treasurer in a form prescribed by the state treasurer.
(3) Unless otherwise provided by the constitution or laws of this state or by contractual obligation, the income derived from the investment of state money by the state treasurer shall be deposited into and become part of the General Fund.