Utah Code 51-7-6. Public Treasurers’ Investment Fund — Calculation of shares of participating funds — Allocations of income to participating funds
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(1) The share of public funds of each participating public treasurer who has transferred public funds to the Public Treasurers’ Investment Fund, including trust funds invested by the state treasurer under this chapter, shall be calculated not less than quarterly.
Terms Used In Utah Code 51-7-6
- 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
- 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
- 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
(2) Income from investment of these public funds by the state treasurer, including gains or losses from the sale or exchange of investments or other properties, and net of investment fees and other charges assessed according to the schedule established by the state treasurer, shall be allocated to each participating fund on the ratio of each fund’s share to the total public funds in the custody of the state treasurer determined on the basis of the average daily balance of each fund.